Trades above and below unchanged over the last 5 or hours.
The GBPUSD moved lower in early NY trading and in the process moved to test the 100 hour MA (blue line in the chart below).
Buyers leaned against the level and the price rotated higher. After moving back above the 1.39175 level, the dip buyers were more confident/the sellers less confident.
The price has moved back to unchanged on the day at 1.3933 and has traded above and below the unchanged level over the last 5 hourly bars. The price currently trades just below the 1.3933 unchanged level.
Overall, the sellers had a shot to go much lower, but instead found willing buyers (and profit takers) at the 100 hour MA. Moreover, the buyers off the low could not hold below the close resistance level.
SO we are back to where the day started (more or less).
If the price moves back below the 1.3917 level, that may change the bias back to the downside, but ultimately, it will take a move below the 100 hour MA (currently at 1.38904) to have traders leaning more to the downside once again.
