GBPUSD is back above its 100 hour MA but below 200 hour/50%/trend line
The GBPUSD is waffling up and down today as traders try to figure out which way to run next.
ON the downside, the 100 hour MA (blue line) has seen the price move above and below. We currently trade above that MA at 1.2631. Stay above and intraday buyers will feel they have a shot for more upside this time.
On the topside, there is more resistance defined by the 200 hour MA, 50% retracement of the move down from last week's high (the range from last week) and a trend line connecting highs from May 21 and May 27. All come in around the 1.26536 level. The price did try to move above those levels earlier in the day, but failed quickly. Getting and staying above would need to happen to push the pair higher.
The battle is on between the 100 and 200 hour MAs (and other levels) now. The battlelines are drawn.
