GBP/USD Price Analysis: Grinds higher between 50 and 100 DMAs

GBP/USD Price Analysis: Grinds higher between 50 and 100 DMAs

From fxstreet.com

GBP/USD seesaws around 1.3480 during the initial Asian session on Tuesday. The cable pair dropped the most in two weeks while stepping back from early November highs the previous day. Even so, the quote remains between the 50-DMA and 100-DMA, suggesting further sideways momentum. It’s worth noting that the RSI line suggests that the bulls are tired and hence short-term declines toward the 50-DMA level surrounding 1.3400 can’t be ruled out. However, the 38.2% Fibonacci retracement level of the October-December fall adds strength to the stated support near 1.3400 and challenges the GBP/USD bears. Should the quote ... (full story)

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Jan 3, 2022 8:21pm Jan 3, 2022 8:21pm

traderathome
Joined Mar 2008 | Status: PVSRA with Traderathome | 1,348 Comments

"GBPUSD.....Grinds higher....." Sounds bullish, right? Oh, but is it REALLY?

Perhaps....after all this "grinding higher".....the MMs now have it where SM has ordered their longs closed and shorts to be opened. The MMs will need liquidity provided by market sheep buyers to accomplish both......HTMRW.

We have to always be careful about accepting bias that is cleverly caged in "news"......

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Posted: Jan 3, 2022 7:16pm
Submitted by:
Newsstand

Category: Technical Analysis

Comments: 1 / Views: 730