| The 100 day MA near 1.2287. The GBPUSD moved higher in trading today held by better-than-expected retail sales. The price extended up to and through the falling 100-hour moving average currently at 1.23839 (blue line in the chart above). The price also entered into a swing area that has a number of different swing lows and swing highs going back to the end of March (see red numbered circles). The momentum could not take the price above that swing area near 1.23974. The price rotated back to the downside. The better US data reversed the price even more as focus returned to the stronger US data (and higher inflation). |
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