Price back below the 100 day MA and the 100 hour MA
If you look at the hourly chart of the GBPUSD, the technical tilt near the start of the North American session is to the downside. There are three reasons.
- The price high today moved back above its 100 day moving average at 1.39199, but that break failed. The current price is below that level at 1.3894.
- The price has also move back below its rising 100 hour moving average at 1.39103. Admittedly, the price has been above and below that moving average line today. The price has remained been below the moving average line over the last four hours. That tilts the bias more to the downside
- The price is also below a swing area between 1.38979 at 1.38084. Bearish below that area.
The range today is only 48 pips. That's about half of the normal range of 95 pips seen over the last month of trading. So there is room to roam.
The the swing high from July 16 at 1.38616 is a downside target followed by the swing low from Wednesday's trade at 1.38406. The rising 200 hour moving averages at 1.3833 currently.
Of course the ups and downs today, can also continue and reverse the bearish bias seen currently. Getting back above the 100 hour moving average of 1.39103 and the 100 day moving average at 1.39199 would quickly switch the bearish bias to more bullish. For now, however, sellers have more control.