GBPUSD higher on the day but stays below its 200 hour moving average

GBPUSD trades between its 100 and 200 hour moving averages

The GBPUSD has rebounded higher today after better jobs data keeps the BOE in play for a hike at their December meeting.  Yesterday BOEs Bailey said that he would be watching the employment data.

Technically, the price moved to the upside has extended above its 100 hour moving average currently at 1.34150. That moving average is still moving to the downside off of the stronger dollar trend seen recently.  The high for the day stalled at 1.3472. That high there is still below the 50% midpoint of the move down from last week's high at 1.34794. It also stayed below the 200 hour moving average which is currently at 1.34721 (and moving lower).

So although higher, the GBPUSD pair remains confined by the 100 hour moving average below and the 200 hour moving average and 50% retracement of the last move lower above.  Needless to say, if the the buyers are to take more control, getting and staying above the higher targets (50% and 200 hour MA) is essential. The price is not traded above its 200 hour moving average since October 29.

Absent a move above those levels, and a move back below the 100 hour moving average would weaken the technical picture, and tilt the bias firmly in the sellers advantage.

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November 17, 2021 at 02:07AM

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