What did the GBPUSD do during the Main Event in the EURUSD tent?
The Main Event was over in the EURUSD circus tent and surely the performance there was amazing.
But, what about in the other circus tents? What is happening with the GBPUSD?
Looking at the hourly chart above, the pair fell in sympathy with the EURUSD but stalled at a pretty key level. The 200 hour MA, the 100 bar MA on the 4-hour chart, the 38.2% retracement all converged at the 1.4111 area. and the low came in at 1.4116. The price moved higher (in sympathy with the bullish cheers in the EURUSD circus tent), and the buying took the price above the highs from yesterday (and today) but fell short of the 200 bar MA on the 4 hour chart at the 1.42649 level. ON March 7 and 8, the price peaked above that MA level, only to back off. The 50% of the move down from the Feb high also is in play at 1.42509. The high today came in at 1.4251 (see daily chart below). So it seems the battle range is all the stuff below and the 50% above....
In between those extremes (more toward the top) is the 100 hour MA (blue line in the chart above). that comes in at the 1.4210 and the price just tested that and bounces. The buyers are keeping in control.
