Rotation lower stalls at the 200 hour MA
The GBPUSD moved above its 200 hour moving average for the first time since September 28. At that time the price extended above the moving average line for two or so hours before failing and rotating back to the downside.
Today the move higher has seen the price stay above the moving average over the last six hourly bars. Buyers are making a play above the moving average line. Can they keep that momentum going?
The price decline seen from the high today at 1.36397 has retested that moving average line at 1.35920 (the low reach 1.35940). So far, the the dip buyers are leaning the against that level in hopes the break above seen today stays that way. Stay above is more bullish.
Conversely, I would expect stops on a move back below the moving average line with momentum.
