Forex technical analysis: GBPUSD consolidates between the levels




MAs above. Broken a trend line below.The GBPUSD pair broke out above a big trend line on the hourly chart, yesterday. It is more optimistic if the price can stay above this line. That MA is now at 1.3160 (and moving lower).

The GBPUSD pair has stalled near the 200 hour MA (green line), yesterday. It is more bearish if the price can stay below this line. That MY is to 1.32138 currently
The 200 bar MA on the 4-hour chart is 1.32271. Stay below it, which is more bearish.
The current price is trading at 1.3209 — just below the 200 hour MA at 1.32138.
So the pair is above support but below the resistance, but trading more and more towards the top of the extreme on the back of the weak dollar.
As always, traders will be looking for a pause followed by an impulse run to confirm the break. Now, should there be a break above the 200 bar MA levels (on the hour and 4 hours), the 38.2% 1.32664. That would be the next target minimum if the buyers are to take more control of what is more downward trend (since the 20 September high).
Currently, it is always in the distance as the duel 200 bar MAs to give the sellers something to lean against, and traders are trying to keep the lid on the pair.



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