Above the 100/200 hour MAs
Earlier in the NY session, the GBPUSD was trading back toward the 100/200 hour MA. It was also just above the swing area between 1.3745-58. Holding that area was key to the buyers looking for more upside. Getting back above the 200 hour MA was also key.
The pair did move above the 200 hour MA, moved to a new session high and tested another swing area between 1.3801 to 1.3811. The price took another look lower to the 200 hour MA, but found buyers.
The price has moved back higher, reaching a new intraday high. The buyers are trying to move away from lower levels.
If the pair is to continue the run, the next target is the 50% retracement of the move down from the March 18 high.That comes in at 1.38353. The high for the week comes in at 1.3846.
Buyers are back in control after the failed break yesterday. Stay above the 200/100 hour MAs is the close risk now.
This article was originally published by Forexlive.com. Read the original article here.