The GBPUSD price action is looking like last Wednesday's price action. Going back to Wednesday (April 19), the price action saw multiple moves up and down. On that day (see left red box), the price traded between a swing area on the top and another swing area on the bottom side.
Looking at today, there is similar up and down price action. Like last Wednesday, the pair has been shifting from support and resistance. For today, the 200 hour MA stalled the fall (green line). On the topside, the pair stalled in a swing arearange between 1.2495 and 1.2500. The current price is trading back down at 1.2476.
Days like this - and last Wednesday - can be frustrating. Just when you think the price is going lower, it snaps back higher. When you think the price is going higher it reverses and goes back lower.
Of course, traders have a choice. Be patient and stick a toe in against levels like the 200 hour MA, or the swing area. The other alternative is to take a seat and wait until the markets or more conducive to your liking.
