GBPUSD – like EURUSD – rose early in the US session. For this pair, the move exceeded the 100-day moving average at 1.2665. The momentum then took the price above its 200-bar moving average on the 4-hour chart at 1.2684. The next target was in the mid-50% of the decline from the March high to the March low at 1.27158.
The price fell below this median level and has since fallen back down. The 200-bar moving average on the 4-hour chart has been broken, but so far the 100-day moving average is trying to hold its support. A move below this level would then target the 100-bar 4-hour MA at 1.2645.
This group of moving averages will remain a barometer for ups and downs. Moving above the high MA is more bullish. Moving below the low MA would be more bearish.
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