Remains contained. Looking for the break.
Today the GBPUSD started the day between the 100 and 200 hour moving averages (I call it trading between the goalposts - see blue and green MA in the chart below)). The price broke out the downside in early European/London trading and pushed down toward where there has been a number of swing lows since March 30 (see blue circle 5 in the chart below).
The correction off of te low (see blue circle 5), took the price back up toward the 200 hour moving average (green line in the chart above), but sellers have reentered.
The bias remains to the downside as long as the price remains below the 2 moving averages and the 50% retracement of this consolidation area (at 1.48658).
Traders who are short are anxious for a break below the 1.4738 recent low. Before that getting and staying below the 1.47738 will be the 1st target and clue that the sellers are starting to get more serious.
