Could not make anything on the move above the 200 hour MA and 50% retracement
In a previous post, I spoke to the 50% and 200 hour MA on the GBPUSD hourly chart.
The first look at the area (at 1.2900 to 1.2907) found sellers. The price moved back down to 1.2892 on the first test.
The second look at the area, moved above the 1.2907 level and peaked at 1.29146, but the next 5 minute bar was back below. The buyers failed.
The break back below the 1.2900 level has the buyers throwing in the towel. We currently trade at 1.2888 area (the low reached 1.28842).
What now? Look for sellers to use the 1.2900 level as a risk defining level again for trades. The buyers had their shot. They failed. It is the sellers turn to see what they can do.
