GBPUSD sellers lean near MA/retracement area
200 hour MA at 1.2492 stalls the rally
The GBPUSD moved higher in the London session helped by the stronger retail sales data today (+1.0% see post here). That sent the price toward the 100 hour MA (currently at 1.24798), the 50% retracement (at the same level) and the 200 hour MA at 1.24921 (currently).
The price did trade above the 100 hour MA and 50% , but found sellers leaning at the 200 hour MA. After the vote in parliament that would stop PM to be Johnson from enacting a hard Brexit without a lawmaker vote, the price has drifted back below the 100 hour and 50% level at 1.24798.
Stay below the 100 hour MA, would be more bearish. We currently trade at 1.2474. A move above muddies the sellers water with the 1.24921 still a key level to get back above to increase the bulllish bias. Remember, the buyers have most of the control today.
On the downside watch the 1.2465-669 area for a bias clue. That is home to 38.2% and the rising 100 bar MA on the 5 minute chart. If the 100 hour MA holds and that level is broken below, there would be more downside tilt. Hold above, and the buyers on the day are still battling with the sellers (and holding on to some control).