GBPUSD below 50% and MAs
Earlier today, the GBPUSD tested the 50% and other MA levels between 1.24065 and 1.2419. Buyers showed up against the level and the price moved higher. The high price stalled at 1.2441.
The price has just moved below that support level and also below the 1.2400 level and selling is picking up more steam. The next target comes in at 1.23817 - the 61.8% of the move up from Friday's low.
As the GBPUSD moved lower, the EURGBP is moving higher. That pair trades above the 100 hour MA at the 0.8563 level. Yesterday, the 100 hour MA was broken and there was some upside momentum. That failed after the GBPUSD spiked higher. Now with the GBPUSD giving up more of those gains from yesterday's spike, the EURGBP is starting to retrace more of it's decline too. The move back above the 100 hour MA will be eyed for additional momentum.
The market (overall) has had a number of ups and downs in the NY session.
- The EURUSD fell below a trend line and rallied back to the 100 hour MA above and stalled.
- The USDJPY made a double top, but moved to a lower trend line and stalled. The price is back up nearer the high.
- The NZDUSD fell to the 200 day MA, found support and rebounded back higher.
- The USDCAD rose after weaker retail sales but stalled and fell to a trend line support before surging higher.
The up and down moves are requiring traders to be patient but also to be open for any change in flows. So be aware. Be careful. Breaks mean something to me, but the ups and downs, has made me view the market with more caution. Is the GBPUSD and EURGBP just a NY afternoon fall that get's reversed? Time will tell.