Up and down day for the pair
The GBPUSD moved higher and away from the 100 hour MA (blue line) at the opening. The move to the upside, reached up and through a swing area between 1.3700 to 1.37088 on it’s way to a topside trend line at 1.37224. The price fell from the trend line selling, moved back below the 1.3700 level and raced to the 100 hour MA, and Asian low for the day (at 1.36656).
The price bounced and is trading back above the 100 hour MA (at 1.36778). The current price is around 1.3683. The buyers and sellers are playing support and resistance levels.
If the price decline is to continue, trend line support cuts across at 1.3663, and the 200 hour MA comes in at 1.36502. Getting below each, increases the bearish bias.
Hold support and traders will be eyeing the swing area between 1.3700 to 1.3708 for intraday trading clues.
A battle is on in the pair. Buyers owned the earlier part of the day. The sellers have taken more control to the downside. However, there is work to be done to get out of the ups and downs. The levels outlined above, will help to tell the story of control.