A bunch of swing highs and lows along with 200 hour MA
The GBPUSD just tested a nice technical target and found sellers on the 1st look. The high peaked against the high from earlier today. This level at this corresponds as well with the 200 hour moving average (green line in the chart below), and also a bunch of swing lows and swing highs going back to May 27th on the hourly chart. The price has moved back lower on the and trades back toward the 1.5275-80. The close from Friday came in around the 1.5271 area.
Looking at the 5 minute chart, the price has been down and up in trading today. The midpoint of the 84 pip trading range (kinda light on the range today) comes in at 1.5262. The 100 and 200 bar MA on the chart (blue and green lines) are just below that area. When the price has volatile up and down action, it pays to be patient. Sellers against the high resistance have nice trade location. Does a short at 1.5277 a good play? I am not all that anxious.
PS. Looking at the daily chart, the GBPUSD found support buyers against the 50% on Friday and bounced (after the stronger US employment report). The 100 day MA (blue line in the chart below) at 1.51706 today, could also be in play this week if the price should rotate back lower.
