GBPUSD higher on the day, but there is up and down volatility too

<p>NoThe GBPUSD is higher on the day but with its share of up-and-down volatility. The price is back above its 100 and 200-hour moving averages at 1.2702 and 1.27188 respectively. If the price can stay above those levels, the buyers are more in control in the short term. </p><p> On the top side, the high price today stalled near a swing area on the hourly chart near 1.2739. Get above that level and traders would target a swing area between 1.2789 and 1.27994. Above that is a 38.2% retracement of the move down from the July high at 1.2816.</p><p>Conversely, move back below the 100-hour moving average (at 1.2702) and then a low swing area near 1.2678, and traders will look toward the 100-day moving average down at 1.2615.</p>

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