100 hour MA above. 100 day MA below
The GBPUSD price action today is up and down and choppy. However, it is also ping-ponging between moving average levels.
Looking at the hourly chart above, since breaking below the 100 hour moving average in the US morning session yesterday, the price has retested that moving average on 3 separate hourly bars. Each of those tests found sellers against the moving average level. Currently the 100 hour moving average comes in at 1.25781. It would take a move above that level – and staying above – to solicit more upside momentum.
On the downside, the price earlier today stalled against the 61.8% retracement at 1.25421. After testing the 100 hour moving average the price broke below that retracement level but found willing buyers against its 100 day moving average. That moving average line currently comes in at 1.25222. The low for the day reach 1.25227.
So the buyers and sellers are ping-ponging between the 100 hour moving average above and the 100 day moving average below. Look for a break in either direction with momentum.
