GBPUSD races to new session highs, but backs off in volatile trade.

Technical Analysis

Author: Greg Michalowski | gbpusd

Gets close to 200 hour MA, but stalls.  Trades the week's range today.  

The GBPUSD raced higher - following the general dollar decline over the last few minutes. 

The price low for the day tested the low for the week at the 1.3796 level and is bounced. 

The rise just took out the high for the week but only by a a pip or two. The high for week was 1.3923 from yesterday. The high just reached 1.29248. We are currently trading back down to 1.3900 area.

Down and up. 

The 100 hour MA at 1.38745 is between the two extremes. Is it now risk for the longs? Anything goes in these markets at the moment.  


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