December 1, 2022

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GBPUSD trades to a new week high

1 min read

Seeing more buying above the 200 hour MA

The GBPUSD and the EURUSD are both trading at fresh session highs.

Seeing more buying above the 200 hour MA

For the GBPUSD, the pair was holding below the 200 hour MA and 38.2% retracement for the US morning session.  However the price has moved above the 200 hour moving average at 1.37345, and the earlier sellers turned to buyers, forcing the price to the upside. 

The 38.2% retracement was also broken at 1.37472.

Those levels are now close risk for the pair.  Stay above is more bullish. 

The next target comes in at the 50% retracement 1.37921. That also corresponds with the 200 day moving average.  A swing area is around those levels between 1.3790 and 1.3802.  

For the EURUSD , it moved above the 38.2% retracement at 1.17569 and a swing area around that area between 1.1754 and 1.17595.  Getting above now has the pair target the swing high going back to August 17 at 1.17826 followed by the 50% retracement of the move down from the July 30 high at 1.17857.

EURUSD on the hourly chart




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