Technical Analysis

GBPUSD remains above its 200 day moving average

High price stalled ahead of a swing area between 1.3870 and 1.38774

The GBPUSD – like other pairs – saw the price move higher after the initial reaction to the US jobs report. The high price reached 1.38667. That fell short of a swing area between 1.38715 at 1.38774. The inability to extend above that area (and stay above) can potentially lead to more downside trading, but there are other key hurdles needed to be cleared to the downside before the sellers can take back more control. 

More specifically, the 200 day moving average at 1.38091 will be eyed. It will take a move below that level and the swing area between 1.37902 and 1.3802, to further hurt the bullish bias technically.

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