Technical Analysis


GBP/USD fails to break above the 200-hour MA


ForexLive

Well, the pound is fast giving back some of its earlier gains from the Brexit headline earlier. As mentioned then, the headline offered little in terms of what it means for the Irish border situation and on-the-surface comments like that have been doing the rounds for the last few weeks already.

On what has been an otherwise quiet day, pound buyers capitalised on that but it’s not enough to justify a price break to shift the near-term momentum back to favour the quid at the moment. Not least when we still have the US jobs report to come and the market is positioning itself for a more favourable payrolls outcome.

The high for GBP/USD so far reached 1.3060 and stalled right at the 200-hour MA (blue line) and now price is retracing back lower. The downside should be kept in-check by the 100-hour MA (red line) @ 1.3001 as buyers have so far showed some poise to defend the level.

That should remain the range for the pair ahead of the key data release to come in US trading later.



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