GBPUSD breaks back above its 100 hour moving average. Buyers take their shot.

The GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term has broken to a new session high and in the process has moved above its 100 hour moving average at 1.30285.

That break higher comes after the pair moved to the lowest level since November 6 earlier in the day after taking out the swing low from April 8 at 1.29818. The low price reached 1.2971 before rotating back to the upside.

Helping the technical view in the near term is that the last swing low - before the recent move to the upside over the last few hours - could only get to 1.29899 before the push back higher. With the price back above the 100 day moving average, the buyers are taking another shot at the upside.

Recall from yesterday, the GBPUSD price extended above the 100 hour moving average (the MA was at a higher level) but reversed and buyers turned to sellers into the close. Back on April 7, a similar move was made only to have the buyers shot miss.

So this is the third shot in the last five trading days. Technically, you have to respect the break (even though the last two breaks failed). As a result the 1.30285 is close risk for buyers with work to do on the topside. Getting above a swing area between 1.30419 and 1.3049 is the next target.

The high from Monday's trade at 1.30566 and the falling 200 hour moving average (green line) currently at 1.30635 would then be the next required targets to get to and through if the buyers are to continue to connect progressively higher levels, and in the process take back more control. Absent those breaks and the sellers overall are still the dominant hand and the move higher was just a modest correction of the recent move lower.

The roadmap is defined with the 100 hour MA the key support level Support Level A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a Read this Term now.