Forex technical analysis: GBPUSD up and down but staying below 200 hour MA

Discussion in 'Technical Analysis' started by ForexLive, Sep 12, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
    Likes Received:
    Keeps a bearish bias below the MA, but work needs to be done below too. The GBPUSD has had an up and down type of day. The pair closed at 1.3271. The price is currently at 1.3277 with the high reached during the last hourly bar at 1.32908. The low occurred early in the London morning session at 1.3233. That low did take out the low from Friday and last week at the 1.32385 level. The move lower also fell below the 50% of the move up from the August 30 low. That level comes at 1.3251. It fell below that retracement level on Friday too. So the break lower was pretty much a failed break and that helped contribute to the snap back rally (albeit a modest one). The range for the day is still only 57 pips.

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