Rebounds off lows and back to unchanged area.
The GBPUSD is lower on the day but that move has put the pair in the vortex of a bunch of MAs.
- The 100 bar MA on the 4 hour chart comes in at 1.29075
- The 100 day MA is at 1.2900
- The 100 hour MA is at 1.28884
- The 200 hour MA is at 1.28673.
Add a ceiling/floor above at 1.2917 and there are a lot of stuff in an area to maneuver through, around, above, below, etc.
Overall, the bias was a little negative (dollar bullish) after the better data, but Trump is back to his old tweeting ways about N. Korea. That has sent the dollar back lower (the GBPUSD back higher). IN fact the GBPUSD just moved back above the 1.2917 level (PS the EURUSD is also above the 1.1925 level) and is also above the close from yesterday now at 1.2917. Is it going far? Not really. The dollar is more in flux now.
So for me, the price action and technicals are not giving a warm and fuzzy feeling. The pair simply has a bunch of stuff in play technically and the news is mixing things up more as well.
