Stay above keeps the buyers in control
The GBPUSD as traded up and down in trading today, with the high and low stalling at swing areas.
The 1st move for the day moved to the upside. However after reaching swing highs from last Thursday and Friday in the 1.2663 to 1.26688 area, sellers leaned and push the price down.
The 2nd move took the price toward a swing area defined by swing highs and lows from last week at 1.25913 to 1.25998. Also in that area sits the rising 100 hour moving average currently at 1.23987. That area attracted debt buying leaners who have so far stalled the fall.
The current price is trading at 1.2617.
The swing area above and the swing area below (with the 100 hour MA) are defining the trading range. A break outside that range will be needed to solicit more buying or selling.
Overall, the buyers have been more in control in this pair since the June 29 low. However the last few days has seen the consolidation pause as traders assess the next move for the pair.
