Seller had their shot....
The GBPUSD has had a down and up trading day so far.
The price in the European session fell below 200 day moving average at 1.26966 on its way to retest the old ceiling on the hourly chart from July 9, July 10, July 11 and on Monday as well. That ceiling came between 1.2663 and 1.2668. The price ended up falling below that old ceiling and even extended below the 1.26487 level which was the swing high from July 15 and swing low from yesterday's trade. The low price reached 1.26437 but could not go any further (and did stall ahead of the 50% midpoint at 1.26392 on the hourly chart above).
The sellers had their shot below the old ceiling level and the swing level at 1.26487. They could not keep that momentum to the downside going.
When the price move back above the 1.26694 level, sellers turned buyers. The price has now rebounded up toward the highs for the day at 1.27286 and found sellers.
Currently we trade above and below the 200 day moving average at 1.26966. The ups and downs today, have traders scratching their heads wondering which way the pair will now break. When the "market" is unsure, trading around a key longer-term average can be the result. The last 2 days has seen the price trade above and below the 200 day MA.
