The last few days has seen tries above, with each failing
The GBPUSD is making a another run at its 100 day moving average (higher blue overlay line on the hourly chart below) currently at 1.2492 area.
The price over the last three days as made a number of attempts above that key moving average, only to fail on each try higher. Today the price extended to a high of 1.24993 and backed off. We just reached a 1.24929. Traders have to respect the level despite the recent failures. A move above is more bullish.
On the downside, the low today stalled at the low from yesterday at the 1.24373 area.
In between the 100 day moving average above and the double bottom floor at 1.243736 the 100 hour moving average of 1.24606 (blue line). That is now support for the pair.
The low to high trading range for the week is only 134 pips so far. That is the third lowest range this year. So there is room to roam on a break. Keep it in mind.
Earlier today, the Bank of England kept the rates unchanged. As per Justin's earlier post:
Essentially, this is about as non-event as you could get from the BOE. There is no significant change to the statement at first glance apart from some downside risks being highlighted on the inflation front. All the Brexit risk responses remain unchanged.
There is no overbearing dovish tilt in the language and the 0-0-9 votes suggest that policymakers aren't exactly looking towards rate cuts just yet at this point in time.
