Trades between MA levels
The GBPUSD moved up to test the 200 hour MA at 1.3887 with the high for the day reaching
1.38872. However, sellers leaned. The price rotated lower and is testing the lower 100 hour MA now at 1.3867 (see earlier post).
Along with the 100 hour MA, there is also a swing area in the 1.38715 to 1.38761 area.
Buyers have controlled the bias today after cracking back above resistance near 1.3828 to 1.38392. The run above the 100 hour moving average was the next step, but sellers/profit takers against the 200 hour moving average at put a stop to the momentum at least on the first look. A move back below the 100 hour moving average could lead to further downside probing with support back near 1.3850 on a break back to the downside.