Like many pairs, the price action is up and down today
The price action in the GBPUSD is down, up and down today. The last move lower has taken the price below the 100 hour MA again at 1.23499. The key word is “again” as the last 4 hours has seen the price trade above and below the MA level. The one hope for the current move, is that the price has stayed below the MA line in the current hourly bar.
The London fixing is at the top of the hour. Friday’s can have some added volatility and with the market waffling today, volatility might be heightened as a result of the uncertain price action. Be aware.
However,going in, the break of the 100 hour MA gives a small nod to the sellers.
On the downside, the 1.2300 level is support (near the low for the day and a swing low from Wednesday too).
Fail to extend lower and move above the 100 hour MA again, and the high for the day at 1.2376, and swing high area and trend line at 1.2383- 1.2386 will be the next upside targets…