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GBPUSD Moves Down From Its 200 Day MA

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GBPUSD Moves Down From Its 200 Day MA

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GBPUSD on the daily chart

GBPUSD broke its 200-day moving average for the first time since September 16 in yesterday’s session. That moving average stands at 1.37337. The highest price reached 1.37479. The price retreated to the close with the pair closing at 1.3705 yesterday.

Today the Asian session price started to move higher and the price was able to regain the 200 day moving average and moved to a high price of 1.3742. However, once again the momentum waned and the price came back down.

The last six hourly bars have seen lower and lower levels. A new daily low has just been reached at 1.36754. The USD saw some buying. JPM Chase’s Dimon said there could be six or seven hikes in 2022 (compared to the Fed’s dot chart which shows three and goes to 4 more recently).

The downward movement is now evidenced by the failure above the 200 day moving average.

Staying on the daily chart, observe the area 1.3662 to 1.36787 as a level to reach and cross (see the red numbered circles and the yellow area on the daily chart above). Go below this level and sellers would have more confidence.

As you explore the hourly chart below, the lower end of this swing zone on the daily chart is approached by the rising 100 hour moving average currently at 1.36592 (and rising). Going below that level would then target 1.36188 (a high and then a low since trading Tuesday and Wednesday), and below 1.36188, and the rising 200 hour moving average to 1.36026. These 200-hour moving averages are also close to the swinging highs of January 5, January 7, January 10, and January 11 (see blue numbered circles).

Going below all of these levels would give sellers more confidence and increase the bearish bias. Conversely, maintaining support (especially near the 100 hour moving average) would allow buyers to stay in control more firmly.

So while sellers play a role, away from the 200 day moving average, they still have some work to do to make them more comfortable and give them more technical control.

GBPUSD Moves Down From Its 200 Day MA

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GBPUSD declines to 100 hour moving average

GBPUSD Moves Down From Its 200 Day MA

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