November 29, 2022

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GBPUSD moves back toward 100 hour moving average

2 min read

100 hour moving average of 1.4161

The GBPUSD as trading most of its date between the 100 hour moving average above (blue line) and the 200 hour moving average below (green line).  The 100 hour moving average comes in at 1.4161. The 200 hour moving average is currently at 1.41256.

100 hour moving average of 1.4161_

The price has traded above and below each of those levels today, but momentum could not be sustained. There was one hourly bar that closed above the higher 100 hour moving average (blue line), and one hourly bar that closed below the lower 200 hour moving average (green line).  

If the price can extend back above the 100 hour moving average – and stay above – the buyers would assume more technical control.   The 1.4179 area would be the next upside target. That was home to a swing area is going back to May 18/May 19. On Friday the price traded above and below that level before moving to the downside.  A move above that level would have traders looking than toward the 1.41937 to and .4200 swing area from May 18 to May 21.  Break above that and traders will be looking toward the highs from last week at 1.42193 and 1.42333. The 1.42400 is the high from the year from February 21 trading week.

Should sellers keep a lid on the pair against the 100 hour moving average, getting back below 1.4146 (broken 38.2% retracement of the move up from the May 13 low) would have traders refocusing back again at the 200 hour moving average at 1.41256.

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