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Forex technical trading: GBPUSD keeps the buyers in control. Extend gains

Moves away from 200 hour MA (at 1.4014 now).

The GBPUSD has pushed to new session highs and in the process, moved away from the 200 hour MA at the 1.4014 level currently ( see prior post ).

The move to the upside is now approaching the Jan 21 low at the 1.4077 level. That level, and the 38.2% of the move down from the Feb high at 1.41527, are the next targets.

The GBPUSD got hammered on Brexit concerns (the low reached 1.3834). As the news subsides, there is room for a rebound. Technically, the failure to stay below the 100 hour MA earlier today (at 1.3936 currently) has helped the upside today).

As noted in the last GBPUSD post, the pair is getting help from weak EURGBP.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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