Forex technical analysis: GBPUSD oscillates up and down. Stays above support.
No clear winner in the trading battle today
The GBPUSD has moved up and then down and now up in trading today
Earlier the up move was able to get above the 1.3532. That was the highest post-Brexit high from June 2016 (see post here). The high extended to 1.35703 but failed.
The rotation back lower, moved back below the 1.3532 level and the 100 hour MA at 1.3528 level (blue line in the chart above). That move lower, stalled at the 200 hour MA (green line on the chart above at 1.34746). Buyers came in against the level.
The move off the 200 hour MA has now stalled against the 100 hour MA at 1.3528 and the 1.3532 level.
- The 100 hour MA and the 1.3532 are a more bullish barometer on the topside. Get above and the buyers are more in control.
- On the downside, the 200 hour MA below (green line) has not closed below that MA line since August 31, 2017. A move below it (and then the 1.34439 level - that was the lowest of the corrective highs post-Brexit), would like attract more selling technically
The pair is oscillating. At some point, the pair will crack one way or the other and get out of the sideways price action. Right now, the traders are playing the ranges.