Gap higher erased. Trend line stalls the fall
The GBPUSD gapped on hopes of no-deal Brexit. The highs for the day in the Asian and early London session could not breach the 100 hour MA (blue line currently at 1.32591). Traders were leaning and the price rotated lower.
The fall took the price to a lower trend line defined by the swing lows on Feb 15 and again on Feb 22. That trend line currently comes in at 1.3185. The rising 200 hour MA is also in play today on continued weakness at 1.31608. We currently trade off each area at 1.3215. Buyers and sellers are battling it out.
Drilling to the 5-minute chart are there any technical clues? The 100 and 200 bar MAs earlier stalled the fall. They were then broken and the price moved to session lows. They are currently at 1.3225-28 (see blue and green lines below). Traders looking for more downside, may look to lean against those MAs (risk). Stay below is more bearish intraday. Move above, and the bias is tilting back to the upside.
