December 9, 2022

Forex Solution

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GBPUSD rotated back down to test its 100 and 200 hour moving averages

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Held resistance at 1.4200 on the run higher

The GBPUSD moved sharply to the upside today, and in the process tested the key 1.4200 level (yesterday the high reached 1.4203 and quickly backed off). The area between 1.41937 at 1.4200. That area is home to swing levels going back to May 18.

Held resistance at 1.4200 on the run higher

The rotation back to the downside has moved back toward the converged 100 and 200 hour moving averages at 1.41606.  There should be buyers against the area with stops on more momentum below the MA levels. 

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