Forex technical analysis: GBPUSD reverses higher today. Retracing back lower.

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

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Employment cited for the rally Yesterday, the GBPUSD was the weakest currency of the major pairs - falling against all the major currencies. Today it is the strongest albeit in a quiet field. The rally took the price above the 200 hour MA and the 100 bar MA on the 4-hour chart and the 50% of the move down from the weeks high at 1.31883. It could not be sustained, however and we are not seeing a retracement back below those MA levels. The pair is moving back toward the midpoint of the move higher off the employment report at the 1.3166. The 100 bar MA on the 5-minute intraday chart is also a target below.

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