GBPUSD has been trading above/below the 100D MA suggestive of market looking for a shove.

The GBPUSD moved above the 100 day MA for the first time since November 2024 on Thursday of last week. The last 5 trading days has seen the price trade above and below that MA suggestive of a market that is not sure of the next “shove” (higher or lower).

Having said that, on the dips there have been support buyers ner the broken 38.2% of the move down from the September 2024 high to the low reached in January 2025. That level comes in near 1.2607. The holding of the retracement on Monday and again on Tuesday kept the buyers more in control – at least in the short and medium term.

As I type, the pair is moving to a new high and is testing the Monday high at 1.2690. The buyers are making a play. Can they keep the momentum going?

The close risk is the 100 day MA now. I would expect that if the buying slows again, and the price moves back below the 100 day MA, that would be very disappointing to the buyers and lead to a swing in the momentum.

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