Technical Analysis

GBPUSD keeps the buyers in control (for now at least)

Can you trust the buying though?

The GBPUSD is keep in the buyers in control as the price has now remained above its 200 hour moving average for the last 5 hourly bars. That moving average is currently at 1.41537. The price just reached a new intraday high of 1.41753.

The next target comes in at the high from yesterday at the 61.8% retracement of the move down from last week’s high to the low traded today. That comes in at 1.41818.  Above that or the highs from yesterday at 1.41884 and the high from Monday at 1.41901.

Above that are the door highs from last Friday and Thursday at 1.4200-1.4203.  

With lots of ups and downs, the question as can the buyers be trusted.  Close risk would be the 50% retracement of the range since June 1 at 1.41609. If you want to risk more, breaking back below the 200 100 hour moving averages at 1.41537 and 1.41469, would ruin the bullish technical picture.  Such a move would not be all that surprising given the recent up-and-down price action, but the longer the market non-trends, the better the chances breaks out.  The market has been non-trending for quite some time. 

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