GBPUSD tries to extend above the swing area
The GBPUSD traded below – and then above the 100 hour MA – during yesterday’s trading. The move back above the 100 hour MA, tilted the bias back to the upside. Technically, if the price can remain above the 100 hour MA at 1.22073, that would keep the buyers in control.
Earlier this week, the price tried the downside – breaking below the lower 200 hour MA and the 200 day MA (green lines in the chart below). However, the momentum died and the price moved back toward the 100 hour MA, and above it yesterday.
Admittedly, the price action has been down and back up this week with lots of intraday swings as well. The sellers took control on Monday, and continued on Tuesday and Wednesday before bottoming mid day and starting the steps higher.
Nevertheless, the price is above the 100 hour MA is a tilt in the buyers direction.