October 17, 2021

Forex Solution

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GBPUSD trades to a new session high after test of 100 hour MA holds support

1 min read

Buyers into the London close keep the hopes for a rebound in play

The GBPUSD moved above the 100 hour MA earlier in the US session and after some up and down price action that saw the 100 hour MA retested, the buyers held the support and has pushed to a new session high as London/European traders look toward exiting for the week.

Buyers into the London close keep the hopes for a rebound in play

The next target comes in at the 50% midpoint of the move down from the September 23 high. That level comes in at 1.35805. The 200 hour moving average at 1.3605 and moving lower is the next key target to get to and through.

Recall on both Monday and Tuesday, the price did extend above that 200 hour moving average only to fail. On Tuesday once the price fell back below its 100 hour moving average, the buyers turned to sellers and pushed the pair sharply to the downside.

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