Forex technical analysis: GBPUSDs technical reaction to the weak employment

Discussion in 'Technical Analysis' started by ForexLive, Oct 2, 2015.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Moves above 200 hour MA but fallen back below. Need to get back above to get buyers more engaged now The GBPUSD moved higher after the surprisingly weak US employment report.The pairs gains took the price bove the 200 hour moving average (green line in the chart below) at the 1.5212 level. The price has dipped back below that level and also below an area of swing highs and lows going back to September 24th. The 38.2% of the move up from the low today (at 1.5193) has held support but the dip will need to see buyers take the price back above the resistance at the 1.5212 area to ignite more upside momentum.

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