Forex technical analysis: GBPUSD has a technical decision to make

Technical Analysis

Author: Greg Michalowski | gbpusd

100 hour MA/100 day MA

The 100 hour MA is catching up to the GBPUSD price  as the consolidation from the sharp 250 move higher last Wednesday continues to meander in a sideways up and down pattern. That MA comes in at the 1.5461 level currently (see blue line in the chart below). That is the close support below.

On the topside the 100 day MA (stepped blue line) comes in at 1.54894. The price has traded above this level during 3 separate hourly bars today. Each failed to maintain a bullish momentum (no closes above).   Yesterday, the NY session saw the price use the level as a ceiling. There was a brief break in the London morning session yesterday that failed.   

1.5461 below
1.5489 above
The range of 51 pips today is pretty pathetic (average is 109 pips).
Looking for a break and run.  

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