GBPUSD retests 100 bar MA on the 4-hour chart after corrective move higher today.

June 10, 2024 8:20 pm

The GBPUSD moved lower in the Asian and early morning European session, but stalled the fall after buyers leaned against a swing area between 1.2674 and 1.2685. The 38.2% retracement of the move up from the May 9 low is also in that area.

The subsequent bounce has taken the price up to retest its 100-bar moving average and 4- hour chart. That level comes in at 1.27384 and will be the chief barometer going forward into the new trading day. Move above and I would expect more upside momentum. For sellers, a rotation back down would require a break below the aforementioned support tested earlier today.

The video will go through the technical levels in play and explain the importance.

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