February 3, 2023

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GBPUSD makes new lows. Eyes MA cluster below

1 min read

100 and 200 hour MAs.  200 day MA 

100 and 200 hour MAs.  200 day MA 

The GBPUSD has made a new session low at 1.38365. That low has taken the price closer to the cluster of moving averages including the:

  • 100 hour moving average at 1.38306
  • 200 hour moving average at 1.38258
  • 200 day moving average 1.38244

That area should provide some support/profit taking with stops on a break below.

Looking at the five minute chart above, the correction off the earlier US session low did find sellers right against its 200 bar moving average (green line).  

If there is a rebound off the low or cluster of moving averages, getting above the 200 bar MA and the falling 100 bar moving average on the five minute chart at 1.38567 and 1.38617 respectively, is the minimum to give buyers comfort.  Absent that, and the sellers remain in control.  

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