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Price remains below topside cluster of MAs
The GBPUSD moved down to test the swing low from October 18 at 1.37085 in the late London morning session and found buyers as US traders entered for the day. The corrective high reached 1.37537.
There was a rotation back to the downside near the London fixing, but once again the 1.37085 level held support. The inability to move below that level solidifies the level going forward. It will take a move below to increase the bearish bias. Absent that, and the dip buyers are still in the ball game.
Now is it green lights to the upside for the pair? No.
- The price remains lower on the day (at 1.3766).
- The price remains below a cluster of MAs including the 100 hour MA at 1.37697, 200 hour MA at 1.37736 and the 100 day MA at 1.3785
Although there is solid support. There is also resistance above. The combination keeps the door open for buyers and seller going into the new trading day. Follow the price clues vs the technical levels.