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The GBPUSD retraces most of the CPI gains, but finds support

May 10, 2023 by admin 0 Comments

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The GBPUSD rose and broke above the high price from yesterday and the high price going back to April 2022 near 1.2665. The high price reach 1.2679, but could not sustain momentum. The move back below the break area turn buyers to sellers and the price retraced most of the CPI gains.

However the fall did stall around 5 pips short of its 100 hour moving average at 1.26164. If the price can stay above that level, the buyers are staying in play. Watch 1.2644 early session high for intraday clues. Move above and buyers might feel a little better with the 1.2665 – 68 still a key level going forward.

This article was originally published by Forexlive.com. Read the original article here.