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GBPUSD moves back to 2022 midpoint

GBPUSD
GBPUSD up for the fourth consecutive dayis

The GBPUSD is up for the fourth consecutive day today. Since the pair bottomed on Thursday of last week, the price has moved up around 230 pips from the low to high. The move comes ahead of the Bank of England rate decision tomorrow where the central bank is expected to increase rates by 0.25 basis points to 0.5%. In December, the BOE raise rates from 0.10% to 0.25%.

Yesterday, the price based against its 100 hour moving average (lower blue line currently at 1.3445) and extended above its 200 hour moving average (green line) as well. The 100 day moving average currently at 1.35118, was breached before the close (the price closed above that moving average line).

In the early Asian session today, the pair waffled in a narrow trading range but was able to stay above that key 100 day moving average before starting to move more to the upside.

In the European session, the price extended above the 50% midpoint of the 2022 trading range (from the January 13 high to the January 27 low). That level comes in at 1.35526.

The high price extended to 1.3586 at the start of the North American session, but has since retraced back to retest the 50% midpoint. That is a close risk level for buyers intraday. Move below we could see further rotation back down toward 1.3525 area (high from last Wednesday and also near highs from yesterday and early Asian session). The current price trades at 1.3560.

If the 50% is able to hold, a rotation back to the upside would target the 1.3600 area. The 61.8% retracement of the 2022 trading ranges crosses at 1.35987. A swing area between 1.35978 and 1.36026 (see green numbered circles and yellow area) is also in that area.


Trading analysis offered by Complex Trader - a RobotFX partner.
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