GBPUSD rejecting move above the 200 hour MA

Technical Analysis

Author: Greg Michalowski | gbpusd

A channel trend line in play as well

The GBPUSD moved above the 200 hour MA, but could not sustained upside momentum. The pair also ran into a topside channel trendline at the session highs (see hourly chart below).  The price action could be unsettling for the buyers today.  Traders will be eyeing the 200 hour moving average for selling close. If the price cannot rebound back above, the buyers may turn to sellers with 1.29185 as the downside target. 

A channel trend line in play as well

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