GBPUSD moves toward 100/200 hour moving averages

<p>The GBPUSD has pushed above the high reached before the better-than-expected retail sales near 1.2190, and in the process has moved closer to the falling100-hour movie average (blue line) at 1.22096 and its rising 200-hour moving average (green line) at 1.23162. </p><p>Getting above each of those moving averages – and staying above – would be needed to increase the bullish bias. Above those levels is the 38.2% retracement of the move down from the September 12 high. That level comes at 1.22316. Those are the close targets now. </p><p>If sellers lean (and the two moving averages give sellers the opportunity to do that), a move back lower would have traders looking toward the high prior to retail sales at 1.21904 as the closest target that if broken would give sellers more confidence. . </p>

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