TECHNICAL ANALYSIS

GBPUSD climbs to Friday high


No time bar closes below 100 MA hours today keeping buyers in control.

GBPUSD rebounds to Friday high at 1.31694. This level represents the highest level for the pair dating back to March 9. The high price that day reached 1.31996. There were other swing highs in January which hit 1.32116 (see daily chart below.

No time bar closes below 100 MA hours today keeping buyers in control.

Exploring the hourly chart, the low prices today fell below the 100 hour moving average, but momentum could not be sustained and the price rebounded above.

(not firm below 100 hour moving average). The price also moved above an upper trendline and an oscillation area between 1.3104 and 1.3110. It will take a return below this zone (and the 100 hour moving average higher) to hurt the more bullish bias.

Overall, buyers are in control, with the July 31 high and even greater resistance around the 1.3200 area (up to 1.3211) of the daily chart. The sellers are not in control, until they can drop below 1.31046 to begin with, then the rising 100 hour moving average.

GBPUSD on hourly chart

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