GBPUSD sits in the middle of support and resistance range
38.2% above and 100 hour MA
The GBPUSD sits in the middle between support at 100 hour MA below at 1.2505 and resistance at the 38.2% of the move down from the June 25 high ast 1.25703 (swing level as welll - see red circles). The price tested that topside resistance yesterday.
In between, the two is the 200 hour MA at 1.25375. That is where the pair trades as I type. Flip a coin here.
Taking a broader look on the weekly chart, the pair fell to the 1.24389. The low from Dec 30 week reached 1.2441. The December 9 week came in at 1.24748. Holding there, gives the buyers some hope that the pair is draggin' along a bottom. If 1.2440 area is indeed a bottom, the close clue from the bulls, will now come from the 100 hour MA. That level is the barometer for the short/intermediate term. Stay above is more bullish.....