GBPUSD Climbs Above 1.27
GBPUSD trades at 1.2708 after seesaw above and below the 50 hour moving average the last trading hours of the week managed to break convincingly above 1.2686 and currently breached the 1.27 as we are heading to closing bell. Pound got a boost after FED left interest rates unchanged as widely expected by markets but changed its language to more dovish amid growing global trade fears. Bank of England yesterday kept interest rate unchanged at 0.75% as widely expected.
Sterling broke above the 1.27 mark approaching the monthly high, and returned into the well established trading range between 1.2680 and 1.2740 that was active for over two weeks. Bulls got the short term control as the pair broke above all the major hourly moving averages. Support for the pair stands at 1.2644 the 200 hours moving average, while if broken might accelerate the slide further towards 1.2619 and the 100 hour moving average. On the upside if the pair manages today to close above 1.27 might continue with an attempt to 1.28 and then to 1.2819 where the 50 day moving average cross.