Dynamic bounces off key moving averages for EURUSD and GBPUSD

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Dynamic bounces off key moving averages for EURUSD and GBPUSD

GBPUSD Technical Outlook

GBPUSD has pulled back to retest its 100-hour moving average at 1.29546, briefly dipping to 1.2951 before bouncing higher. Buyers stepped in at this key level, keeping the short-term bullish bias intact. However, a move below the 100-hour MA, followed by a break of the 200-hour MA at 1.29318, would shift the bias more to the downside. Until then, support remains firm, with buyers looking for another leg higher.

EURUSD Technical Outlook

EURUSD also tested its 100-hour moving average at 1.08862, where buyers initially defended the level. The pair remains in an uptrend, but a break below this key support, along with a move under the 200-hour MA at 1.08689, would tilt the bias more bearish. For now, the upside remains intact as long as price holds above these moving averages.

The price action is very similar with both the EURUSD and the GBPUSD with both the 100 and 200-hour MAs As long as the price can hold those MAs, the bias remains in favor of the buyers. The sellers are NOT winning.

                            This article was written by Greg Michalowski at www.forexlive.com.

Source: Dynamic bounces off key moving averages for EURUSD and GBPUSD

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