The GBPUSD has moved above the days midpoint after taking a walk to the downside earlier today. The price is also holding above the 100 bar MA (at 1.5616) on the 5 minute chart and has moved above the trend line resistance on the intraday chart at the 1.5609 level (and held above – bullish).
The price has remained below the 200 bar MA (green line at the 1.5634 level) on the same chart and has also remained below the close from yesterday at 1.5634 (bearish).
Looking at the hourly chart, the price moved below the 38.2% of the move up from the July 12 low, then based off that level (bullish). The price has moved back up to test the underside of a broken trend line (currently at 1.5629 – bearish).
On the daily chart, the price moved above the 38.2% of the move down from the end of April high at 1.56613, but could not extend to the high for the month (bearish). The price has also fallen below channel trend line resistance at 1.5645 (bearish). Compared to last Thursday’s low, the price is 225 pips higher (bullish).
So pick your poison from here. There are some levels that traders can lean against if you are bullish or bearish. What you are looking for is to catch the hot side and get a momentum move on a break. With the mixed feelings in the market, however, be patient and if wrong, get out.
