GBPUSD losing some upside momentum, but bears not really in control yet....
A move below the 100 bar MA on the 5-minute chart eyed
The GBPUSD stalled just ahead of the January 2018 high at 1.4344 (the high reached 1.43374).
On the hourly chart, the price stalled against a topside trend line too. That dual hold on two separate charts, gave buyers a level to take profit. Sellers looking to pick a top, also had a low risk trading area to lean against.
Sellers put a stall on the pair against defined risk. If the price goes above the 2018 high at 1.4344, all bets are off though.
Now, there are sellers but the momentum lower is very slow. What might give sellers more confidence?
If you drill to the 5-minute chart below, the price "wander" has taken the price below a lower trend line. The sideways price action has also allowed for the 100 bar MA on the 5-minute chart to catch up to the price (see blue line in the chart below).
If the price can move below the 100 bar MA (see blue line in the chart below), it could open the downside for more momentum.
That MA line comes in at 1.43173 currently and moving higher. Watch that level. A break could see the price wander toward the 1.4295 level. That is the 38.2% of the move up from the lows today.