100 and 200 hour MA at the 1.3196-98
The GBPUSD has been on a more bearish bias today after the Retail sales came in weaker than expectations at -0.9% vs -0.4%. That sent the pair to the sessions lows at 1.3154. Admittedly the pair has been trading in a choppy up and down action since that low. As the EURUSD rebounded on Draghi’s early comments, the GBPUSD did too and in the process the price moved above the 200 and 100 hour MA at the 1.3195-98 area as traders were squeezed (to 1.3211-12 area).