December 17, 2024 at 08:03PM
In
The GBPUSD started the NY session on a positive note, trading above both the 100-hour moving average (MA) and the 100-bar MA on the 4-hour chart (blue lines outlined on the price above).
US Morning Session: The price initially dipped but found support near the converging 100-bar MAs (hour and 4-hour chart) at 1.2686, where buyers leaned in and pushed the pair higher.
Key Resistance Levels: The upward move reached a new daily high of 1.2728, breaking above the 200-hour MA at 1.2719 and briefly entering a swing area between 1.2712 and 1.2722. However, it fell short of the 200-bar MA on the 4-hour chart, currently at 1.27348.
Notably, the 200-bar MA was breached in previous weeks but failed to sustain the break, making this level a key hurdle for further bullish momentum.
Looking Ahead:
Fed Decision (Wednesday): The Fed is expected to cut rates by 25 basis points, but the focus will be on the outlook for 2025, where policymakers are likely to signal less easing than previously anticipated.
BOE Decision (Thursday): The Bank of England is expected to leave rates unchanged and signal a similar stance of reduced easing.
Key Levels to Watch:
Support: The 100-hour MA and the 100-bar MA on the 4-hour chart at 1.2686.
Resistance: The 200-bar MA on the 4-hour chart at 1.27348.
The pair may remain range-bound between these levels as markets await clarity from central bank decisions. A sustained break above 1.27348 is needed to increase the bullish bias.
This article was written by Greg Michalowski at www.forexlive.com.
