January 27, 2023

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GBP/USD buyers seize near-term control as dollar keeps a touch softer

1 min read

GBP/USD pushes past its 100-hour moving average

GBP/USD H1 26-04

The pound is catching a slight bid to start European morning trade, with cable pushing to a fresh session high of 1.3928 as buyers start to seize back near-term control on a climb above the 100-hour moving average (red line) @ 1.3908.

The lows last week were defended by somewhat the 50.0 retracement level @ 1.3839 on the daily and buyers have treaded water in between the key hourly moving averages before the break higher today.

This puts some room for the potential to retest the 1.4000 handle if the dollar remains vulnerable in trading this week.

But a lot will still ride on key risk events still to follow in the days ahead.

For now, at least buyers are showing some poise so if things fall into place, the near-term bias stays more bullish. But fall back below the 100-hour moving average and it is back to the drawing board for cable.
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