Watching the 200 day MA and 1.5482 area
The 200 day MA was breached - to the upside - in pre-Mansion House speech trading, and breached to the downside in post-Mansion House speech trading. The 200 day MA comes in at 1.55053 and the market is trading around the level.
Prior to the break - back below that is - the pair had been stepping nicely higher with some trend characteristics (see 5 minute chart below). So being above the 200 day MA does not make me feel the top is in place. Another reason, is that the correction lower did find support at the 38.2% of the days move higher. The 100 bar MA on the 5 minute chart was also near the area. So buyers are trying to show they have the control. But can they keep it?
IF a top is forming, get and stay below that 200 day MA (green line in the chart above) at 1.5505. Then take the price below the 100 bar MA on the 5-minute chart, and the 38.2% corrective low. I know it is a lot to ask, but those are the progressive targets that tell me the crowd is starting to believe that the top is in place. If they can't do that, the buyers are still holding on to the control.
