Stays below a swing area and the 200 day MA
The GBPUSD traders have taken the pair higher today. However, the price high (like yesterday and Tuesday) found willing sellers against overhead resistance defined by a swing area between 1.3790 and 1.38022 (see yellow area and red numbered circles). The rising 200 day moving average (green line) just above that area at 1.38065 is also a lid for the pair (at least for now). It would take a move above to increase the bullish bias.
On Tuesday, the price did move above all those targets, but quickly reversed after reaching the weeks trading high at 1.38071.
Should the sellers be able to stay below the aforementioned topside resistance levels, the rising 100 hour moving average at 1.37629 (and moving higher), would be the target. In trading yesterday, the price did move below that moving average level (after bouncing off it on Monday and Tuesday), but could not sustain the selling momentum. When the price move back above, the sellers turned the buyers against the area and ultimately pushed higher.
Going forward, getting above the 200 day moving average at 1.38065, or below the 100 hour moving average at 1.37637, will be the bias defining targets. Move above the 200 day moving average increases the bullish bias. Move below the 100 hour moving average increases the bearish bias.
