When in doubt....sit still (or chop up and down).
The GBPUSD has a lot to ponder. The EU granted a extension up to 3 months with option to end early. A UK general election is on the table. Does Boris get the majority he wants? Do we end with a hung parliament?
So with all the balls STILL in the air, the GBPUSD traders have decided to sit and wait between support and resistance.
Looking at the hourly chart above, a trend line below cuts across at 1.2815 currently and moving higher. Below that sits the low from Friday at 1.27988 (call it 1.2800). The low from Thursday and last week, reached 1.27873.
On the topside, the 100 hour MA (blue line) is at 1.28646. The 200 hour MA is at 1.28752. That is joined by a downward sloping higher trend line. Those levels will need to be broken to solicit more buying.
The current price is at 1.2843, between the levels and chopping up and down
If you want to see chop....look at the 5 minute chart of the GBPUSD. That is a chop today.
