New highs, rejected....Ping pongs between 100 and 200 hour MAs
The GBPUSD traded at the highs for the day at the 1.3031 level - taking out the London morning session high at 1.3030 in the process. A break to new highs that creates a 1 pip extension is not exactly what traders who are long look for. As a result, the price has retraced back down to the 1.2998 level in fairly short order.
That level corresponds with the 100 hour MA The price bounced off that level on the first test. The high moved to 1.13013 which happens to be the 200 hour MA. Are we in the midst of a MA ping pong in a 15 pip range? It seems that way. Look for the break and run from here.
