200 hour MA at 1.28766 and trend line near the same level put a lid on the GBPUSD
The GBPUSD has extended the choppy trading higher in the NY session, but the topside resistance defined by a topside trend line and 200 hour MA have not given way. The 200 hour MA comes in at 1.28766 level. The high reached 1.28756 and backed off (see earlier post).
On the downside, the low from Wednesday last week stalled at 1.2838 and is a target. The lower trend line comes in at 1.2821. Those are downside targets to get to and through for the bears.
Now that resistance has held, is it time for the sellers to give it another shot? The sellers against the 200 hour MA are hoping that is the case. If the 200 hour MA is broken, however, look for sellers to give up and buy.
