GBPUSD finds sellers near the 100 hour MA. Level will be a key barometer to start the week | Forexlive

Like the EURUSD, the GBPUSD moved higher today and in the process tested a key hourly moving average (see EURUSD post here). For the GBPUSD, the price moved up to test the 100 hour MA (see blue line in the chart above) and found willing sellers.

The 100 hour MA has moved down to 1.2045 currently. Just above it sits the 38.2% of the sharp sharp move lower last week (from the Tuesday high). That retracement level comes in at 1.20497.

Going forward, moving above both of those levels would tilt the bias more to the upside with the 200 hour moving average (green line in the chart above) at 1.20736 as the next hurdle needed to increase the bullish bias.

Conversely staying below the 100 hour moving average would have traders looking toward the swing area between 1.19191 and 1.2010. The low price in the Asian session stalled just ahead of the high of that swing area.

The range today is only 43 pips. The average over the last 22 trading days is 117 pips. Holiday-like trading is confining the range. Nevertheless, the technical levels will be eyed for bias defining clues in what is an up and down trading day today.