Moves above the 200 hour MA have been rejected recently.
The GBPUSD has pushed higher and trades at the day's highs (or near the high). The pair is also pushing against/above the 200 hour MA ( green line in the chart below). The last 2 days have seen the price move above this moving average. The probes are the new as the price has not traded above the 200 hour MA since mid-December. However, each of the looks have been rejected. This is the 4th look above. Will it solicit more buying this time?
You may wonder, What good is the MA if there are all these failures? For traders, we probe and fail. Lose a little. We probe and fail and may reverse and go the other way so we lose a little make more than lost. We probe and fail quickly like yesterday and we just sell and make a little. This is the 4th look. Traders know what they are up against. Either another failure or more bullishness. For this move traders may have another eye on the 100 hour MA below. The price spent time below it today (for 6 or so hours) but it failed. When the price broke above, more buying occurred.
There is a battle. The market is not all that sure. But at some point, there will be a break. There will be a run. Be aware. Be prepared. The longer the market does what we are seeing the closer we get to a break and run.