Trend line above. 100 day MA below

The GBPUSD continues the waffle that has kept the pair confined over the last 2+ days.

Looking at the hourly chart above, the overlay of the 100 day mA at 1.2864 was broken for the 3rd straight day today. The breaks on Tuesday and again yesterday could not muster much momentum and today it was not the exception. The low stalled against the underside of a broken trend line, and we saw a bounce higher. Buyers? Well some are leaning and the failed breaks have to be a concern.

The move higher, however, has stalled at a top side trend line at 1.2898. A move above should solicit more buying with the 100 hour MA at 1.29227 the next major target. On Friday and into Monday, the price traded above that MA line but gave up on Monday and has been below the level ever since. The MA is catching up to the price in the consolidation and may be tested in the near future.

Right now, we are near unchanged on the day and leaning against the trend line, but the fails below the 100 day MA neutralizes the technicals. A battle is on. The lines have been drawn in the trading sand.....