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GBPUSD breaks back above its 100 hourly moving average

GBPUSD breaks back above its 100 hourly moving average

GBPUSD is back above its 100 hourly moving average as I type.

This moving average comes in at 1.25171. London morning session price broke below the moving average and fell to a low of 1.2480. This was above yesterday’s low at 1.24707. The low of the week occurred during the first hour of trading Monday at 1.24656. So there are higher lows from Monday to Tuesday to Wednesday (at least so far). A move below 1.2465 to 1.2473 will be needed to give sellers more confidence on the downside.

Recalling yesterday, the price fell sharply after UK PMI data turned weaker than expected. Additionally, there was a report that the energy cap would rise to £2800 in October. That’s around £800 over the last increase. The low price, however, found buyers near its 100 hourly moving average despite some dips below the moving average level. The momentum could not be maintained.

Today, with the higher moving average, the hurdle was easier and there was an increase in momentum at the break. However, with the higher low and the modest selling of the dollar in the United States, the price started to rise again.

GBPUSD price may also rise in sympathy with EURUSD which moved lower to test its 100 hourly moving average only to find buyers down from this key moving average level. The EURUSD is currently trading at 1.0667 after testing its 100 hourly moving average near 1.0637. Additionally, US rates have fallen and equities have risen, giving the US dollar a slight downward tilt (risk free).

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