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Forex Technical analysis: GBPUSD backs off ahead of the weekend

Discussion in 'Technical Analysis' started by ForexLive, May 20, 2016.

  1. ForexLive

    ForexLive Forum Member

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    But have to be encouraged by the base against the 100 day MA The GBPUSD bottomed on Monday against the 100 day MA (blue line in the chart below). That is bullish. Last week, the price closed right at the level. The MA line has been tested 3 times over the last 10 trading days. The pair has not closed below the line since April 22nd. From a longer/broader term perspective, we can be impressed and encouraged bullishly by that development. That is the bullish news.

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