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GBPUSD between the 100 day MA above and 50%/100 bar MA on 4-hour below


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GBPUSD steps higher

The GBPUSD has been able to extend above its 100 bar moving average on the 4 hour chart and 50% retracement of the move down from the September 20 high at 1.2392. That is now close support and risk for the buyers. 

On a topside however, be aware that the 100 day moving average lungs at 1.24303. That moving average was last broken on September 25 and the price did not look back (falling from 1.2466 to the low at 1.2203 reached on Tuesday).
As I type we are currently back testing that 50%/100 bar moving average on the 4 hour support level at the 1.2392 level.  It is time to see if the buyers want to keep the price above these levels were correct some of the gains seen in trading today.
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