200 hour MA the latest topside level tested
Coming into the NY session, the price of the GBPUSD was finding resistance at the 50% and the 100 hour MA (blue line). The price moved lower and tested the 38.2% at 1.30876 and then the swing low from March 22. The price bounced, moved above the 100 hour MA but stalled just ahead of the 200 hour MA at 1.31507. The high reached 1.31487 (see earlier post outlining the levels).
Adam pointed out the reason for the rise HERE.
What we have learned is we cannot always count on things working out as planned. This is not a black and white situation and the UK political process may make things more difficult to come to a solution.
What is known is the 200 hour MA was the recent target tested and held on the topside (watch the 61.8% as well). On the downside, the 1.3072-798 level held support. That area is the wide extremes now. Breaks, higher or lower, should give the next push. We can only listen to the market.
