Technical Analysis

GBPUSD bounces back toward 100 and 200 day MA

Tested 50% retracement target and found buyers

We just made a new session high (see hourly chart below). In the process, the price is looking to test the key day MAs. The 100 day MA (is at 1.29578 today. The 200 day MA is at 1.2963. After the break yesterday, that 200 day MA held corrections. The area will be key for the near term bias.  If the sellers are able to keep a lid on the pair (low risk sellers against stops above the 200 day MA), they remain in control. 

A move above an the pair will next look toward the falling 100 hour MA at 1.29782 (currently). 

GBPUSD on the hourly chart tests 100 and 200 day MA lines

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