Sellers to lean against the level
The GBPUSD remains below its 100 day moving average 1.25693 (see earlier post here). The London morning session high did extend up to 1.25751. More recently the high price reached 1.25691 - just below the moving average level - and backed off again.
On the downside, focus will remain intraday at the 1.25243 level. That was the Asian session high, and also a London morning session low (see red numbered circles in the chart above).
A move below the 1.25243 level would have traders looking toward a lower trendline currently at 1.2507 and moving higher. Stay above that level and the buyers remain in control with the
battle against the 100 day moving average still going on.
Drilling to the 5 minutes chart below, the price has moved below its 100 bar moving average and upward sloping trendline (see blue line in the chart below). The 200 bar moving average comes in at 1.25223. The price has found support over the last 2 days against that 200 bar moving average. As a result, trading below that level would also be a more bearish intraday signal.
