In the morning forex technical report, I talked to the GBPUSDs key 200 day MA on the downside at 1.19215. That level also stalled the fall on Monday. The low price reached 1.19235 and is seeing a bounce. To review the morning forex technical report CLICK HERE.
Looking at the hourly chart above, the overall picture is showing ups and downs (see red numbered circles and green numbered circles)..
IN between, there are a number of MAs including the 200 day MA. The bounce off the 200 day MA is pushing toward the 100 day MA at 1.19681. That is the next key target that would help to switch the bias around a bit and give the "buy low crowd", some confidence.
Move above the 100 day MA and you can argue that the swing area between 1.19887 to 1.2010 and the falling 100 hour MA (at 1.2014) are where the price is going next (the sellers had their shot and they missed).
Above that, and the 200 hour MA at 1.20339 will be targeted. Get above that and is the door open once again for a return to the high of red box? Could be.
For now, however, that is down the road. The road in front of us, has the 100 day MA above, and the 200 day MA below as the key levels in play. Sellers against the 100 day MA will keep the lid on the GBPUSD , and the sellers will still hold the best hand.
