Forex Trading: GBP/USD Tests 100-Hour Moving Average And Backs Off

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Forex Trading: GBP/USD Tests 100-Hour Moving Average And Backs Off

By Greg Michalowski on January 2, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The GBP/USD rallied off of the weaker than expected ISM data. The price action brought the pair up to the 100 hour moving average at the 1.4568 level (high was 1.4560) but backed off from there. The action in the GBP/USD has been very volatile but the price remains near the lows. However, the support at the 1.4377-83 level seems to be strong.

The bias is down as the price remains below the 100 and 200 hour moving average. A break of the 1.4377 level is needed to solicit additional pressure on the pair.

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