No love for starting a trend
The GBPUSD was whipped back to the upside ahead of the 4 PM London fixing. In the process, the pair has moved back above it's 100 day MA at 1.3110.
There is no love for trending the market, or so it seems. The pair moved below it's 100 day MA at 1.3110,earlier today. The chance was there for the sellers to exert more downside momentum, but the fall stalled ahead of the low from last week at 1.3057, the low for November at 1.3038 and certainly ahead of the October low at 1.30264 (the low reached 1.30608). Rubbish (as they say in the UK).
The pair is still below the 100 bar MA on the 4-hour chart. That MA was tested and held 4 times last week before breaking higher. Today, the price fell back below that MA in the first few hours of trading and stepped lower. Looking at the hourly chart above, the pair is also stalling ahead of the 100 and 200 hour MAs at 1.31365-409 area.
