GBPUSD goes for the gusto and hits the 200 hour MA target, and backs off

Technical Analysis

Why not…

The GBPUSD squeeze on the back of the meeting in Strasbourg has continued, and rather than mess around, traders took the price right up to the 200 hour MA (green line).  That line comes in at 1.31693. The high reached 1.3168.  Once reached, sellers lined up and the price backed off. 

The GBPUSD range for the day is up to 209 pips. That is well above the 105  average over the last 22 days.  With the 200 hour MA being reached, it might now be time to take a breather for now.

Meanwhile over in the EURGBP, the price came down to test the low from Feb 27 and March 7th at 0.85288-349 area.  THe low reached 0.85326 – between the two levels. That is another level that may slow the GBPs runs today. 

EURGBP moves to the double bottom

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