Forex technical analysis: GBPUSD staying above support

Keeps the bulls in control

The GBPUSD fell yesterday after better employment but the decline has been tempered somewhat as the EURGBP falls to 7 year lows.

Also helping the GBPUSD is the ability to hold support against key support at the 100 hour MA (blue line in the chart above), and the 200 bar MA on the 4 hour chart (green line in the chart below).

Now what?

The pairs bounce of the two moving averages on the hourly and the 4 hour chart, has taken the price back toward the moving averages, on the 5 minute chart (blue and green lines) and the series of lows from the Asia-Pacific and London morning session. This area should slow the rally, but then again, the BOING bounce off the 100 hour MA and 200 bar MA (4- hour chart) suggests that the buyers still like the pair.