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GBPUSD moves back toward the days midpoint after finding support against the 200 hour MA

The GBPUSD did bounce off of the 200 hour MA (green line in the chart above) for the second time and the bounce has also moved above the broken trendline (see chart above) at the 1.5631 level (see prior post).

The price remains contained by the 100 and 200 hour MAs (blue and green lines respectively) suggesting the market traders still struggle with the directional bias for the pair. Buyers are coming in on dips, and sellers are coming in on rallies.  Traders can continue to use the extremes as levels to lean against and define risk.  On breaks, I will be looking for momentum in the direction of the break. The 1.5558 level is the next downside target (61.8% in chart above). On the topside a move above the 100 hour MA (blue line) will target the successive highs (each lower) over the last 4 trading days.