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GBPUSD test 200 days/50%
GBPUSD rose towards the end of the London session and in the process extended above the London high at 1.22472, a new intraday high of 1.2272.
The last two to three hours have seen a downward rotation. This move has now seen price extend below the New York morning low at 1.21524. The price is currently testing the key 200-day moving average of 1.21357. Recall that on US Jobs Day, the price broke below this MA shortly after the release, but quickly reversed.
Just below the 200-day MA level and traders would focus on the 200 hourly moving average and the 50% midpoint of the upside from last week’s low. These levels both come in at 1.2121.
Overall, the price action was anything but trendy today. What happened however, is that as the day progressed, the highs and lows widened as volatility increased.
Will the 200-day MA hold support now? If broken, what about the 200 hours and 50%?. This combo tends to be a stalling point at least initially.
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