GBPUSD bounces back to technical resistance and stalls
100 bar MA on the 4-hour and trend line tested
The GBPUSD just bounced higher and in the process is back up testing the 100 bar MA on the 4-hour chart and downward sloping trend line. Both of those levels come in at 1.3067. The price just reached 1.30698.
Earlier today the price did move even higher to 1.3074 (the trend line was at 1.3071 at the time). Needless to say, the buyers are trying to push the limit (resistance), but are not getting the shove and momentum through the levels. We currently trade at 1.3058 as I type.
It will take a move above (and stay above) to solicit more buying momentum with the 200 bar MA on the 4-hour at 1.30887 as the next upside target (green line in the chart above).
PS looking at the hourly chart below the 200 hour MA is near the 100 bar MA on the 4-hour chart.