The GBPUSD bottomed yesterday at a lower trendline and just ahead of a swing area (see lower swing area between 1.30038 and 1.3012), and ran up toward the 100 hour moving average (blue line) and a swing area between 1.3104 and 1.3114. The price stalled and spent the rest of the New York session and into the London morning session today while falling up and down above and below its 200 hour moving average (green line) but below the aforementioned swing area.
him himOver the last few hours, the price has wandered to new highs and in the process has extended above the 1.31142 high. The question now is can the GBPUSD traders keep price above the 1.3101-14 area? Does the resistance now become support?
Look for traders to use the area to defined risk and bias this morning. Stay above 1.3101 and the buyers are more in control. Move below and this run is a failed break. Him