Buyers trying to keep control
In an earlier post, I spoke of intraday support near the 100/200 bar MA on the 5 minute chart and the 50% retracement level of the day's trading range:
On the downside, the 50% midpoint of the day's trading range comes in at 1.37602 (see five minute chart below). That is also near the 200 bar moving average on the 5minute chart and the 100 bar moving average on the same chart at 1.3756 to 1.37596 (blue and green lines and the chart below).
Looking at the 5 minute chart, the price did move down to that area and found intraday buyers. That increases the levels importance going forward at least for intraday traders.
Moving out to the hourly chart, the swing area between 1.3786 and 1.37976 still needs to be breached/broken to give the buyers more comfort. Above that level, and the 100 hour moving average at 1.38228 (and moving lower), would be targeted. The price of the GBPUSD has not closed an hourly bar above the 100 day moving average this week. The last breach was back on June 25 (last Friday).
Traders are trying to take more control. Intraday support held, but resistance above still needs to be breached above the 1.37976 level and the 100 hour moving average. Those a minimum requirements if the buyers are to tilt the bias more in their direction.
