Break lower fails
The GBPUSD moved lower earlier in the day, and cracking below the key 200 day MA at 1.2998. THat MA was broken on Tuesday and has not reached the level since today.
The low in the early trading in the NA session reached 1.2967. That low, sniffed the 100 bar MA on the 4-hour chart at 1.2962, but could not reach that level. Sellling dried up and the price started to move back higher.
The correction higher started to lose more momentum after breaking back above its 200 day MA. Seller gave up. The 100 hour MA at 1.30117 did not give much of a fight either.
The close from yesterday was at 1.30365. The high price just reached 1.30575. A move above that level will look to complete the day's up and down lap at the highs for the day at 1.30504.
This week saw the GBPUSD squeeze higher into PM meeting in Brussels with EU leaders. Not much was resolved and the price started to correct lower. Nevertheless for the week, the pair is up. Friday a week ago, the pair went out at around 1.2885.
Breaking above the close as I type...