GBPUSD Tests Cluster Of Resistance

Published date: .

The GBPUSD is higher in early New York trading but not running like the other pairs vs. the US dollar. 

GBPUSD tested a cluster of topside resistance

The price has reached a cluster of resistance including the:

  • 100 day moving average at 1.24962

  • trendline resistance at 1.25026

  • 50% retracement of the move down from the high from last week at 1.25105

  • falling 200 hour moving average at 1.25166

The price just ticked to 1.22510 moving above the trend line in the process.

The pair today has moved above its 100 day moving average on 2 other separate occasions - one in the early Asian session and the 2nd in the London morning session.  Each move above found sellers back toward the 1.2433 level which was a swing high from yesterday's trade. 

Can the pric e stay above the 100 day moving average?  That is the risk now for buyers. Get above the 200 hour moving average and it opens the door for further upside momentum with 1.2552 (61.8% retracement) as the next upside target. 

For bank trade ideas, check out eFX Plus