Markets

Forex trading: EURGBP and GBPUSD make a move

GBPUSD falls to the November high price (and breaks it).

The GBPUSD has tumbled back lower in the last few minutes of trading and trades near the closing level from yesterday at 1.2673 level. That price is also the high from from November.

Whoops...We are breaking below that level and continuing the selling as I type. The 200 hour MA at 1.2646 is the next target. The 100 hour MA is at 1.26238. The pair is testing the low for the day at 1.2659 level. That is the 50% midpoint of the move down from Dec 6th high. I don't really see any catalyst but there is more selling in GBP pairs.

Looking at the EURGBP, it has reversed the declines and trades near it's highs for the day (nearly completed the lap down and up). Looking at the hourly chart below, the trend line connecting recent highs are being tested. There should be sellers with stops against the level as risk can be defined and limited).

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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