The GBPUSD dip buyers come in against intraday support

Buyers lean against the 100 hour MA

The GBPUSD is higher on the day but off the earlier highs for the day.  However, the dip off the high did find support buyers against the broken 100 hour MA at 1.33261. That MA was broken in the London morning session after successfully testing the same MA in the Asian session.  If the buyers are to keep some short term control, holding that MA is required today.  Failure to do so, and the control shifts back to the sellers.  

Although buyers are making a short term play, they still have work to do. More specifically, getting and staying above the 200 hour MA (green line) at 1.33765 is required.  

The pair last traded above that MA on November 22, but those attempts were quickly reversed.  With the MA at a lower level now, getting and staying above the level is an easier hurdle.   However, the MA still NEEDS to be broken if the buyers are to start to take more control, and have some more "wins".  

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December 01, 2021 at 02:35AM
Greg Michalowski
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