Forex Trading: GBP/USD Breaks Through 100-Hour Moving Average

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Forex Trading: GBP/USD Breaks Through 100-Hour Moving Average

By Greg Michalowski on December 31, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

The GBP/USD has been able to break above the 100 hour moving average and have a close above the level (the current level is 1.4603). The market should find support against this level now. As long as the price remains above this level, the pair should continue the correction to the upside.

What may help the GBP/USD move is if the EUR/GBP can move below the 200 hour moving average. The pair has been below this level on two separate hourly bars but each time the price has not been able to close the hour below the key level. If the pair can move back below and solicit some momentum (i.e. close below the level), it should lead to further declines. This in turn may help the GBP/USD move higher.

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