Trendline and 50% retracement stall the rally.
As per and earlier post, the GBPUSD had topside resistance at a trendline connecting 2014 and 2018 highs at 1.3156 AND the 50% retracement of the move down from the 2018 high at 1.3167. The high price did extend up to 1.31585 - between the two levels and backed off. We currently trade back down at 1.3132.
Drilling to the 5 minutes chart below, watch the rising 200 bar moving average on the chart., The fall from the high is moving closer to that rising 200 bar moving average at 1.31235. Earlier in the session, that moving average stalled the fall (see green line in the chart below). The price rise yesterday got going after breaking above both the 100 and 200 bar moving averages.
If the 200 bar moving average can be broken, it should solicit more selling pressure.
For now, there is a battle going on between the topside resistance and the intraday support.
