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GBPUSD this week fell beneath the 100 day MA on Monday and stayed beneath on Tuesday and Wednesday. Yesterday the worth continued the transfer decrease and pushed beneath the 50% midpoint of the transfer up from 2021 low reached in November at 1.34533 (see every day chart above).
The pairs low yesterday reached 1.33574. That was 5 pips off the low of a swing space between 1.33524 and 1.33757. At the moment the low was additionally in that swing space, however above the low from yesterday at 1.33645. The value has pushed increased. That’s the excellent news for the dip consumers.
The not so excellent news (a minimum of for now) for the consumers comes from the worth motion on the hourly chart.
Taking a look at it, the pair is going through a Key topside resistance from the swing lows from Monday and Tuesday between 1.34345 to 1.3439. The 50% of the transfer down from the excessive on Wednesday is available in at 1.34407.
When the worth fell beneath that swing space yesterday, the sellers gave one other shove decrease pushing the pair to the lows (and to the aforementioned assist on the every day chart).
So the worth is increased at the moment after holding the assist goal on the draw back. Nonetheless, there may be overhead resistance looming. It should take a transfer above the 1.34407 to offer the consumers some additional hope (after which the 100 hour MA after that). Absent that, and the sellers are nonetheless in management and the consumers are nonetheless hoping.
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