GBPUSD skimming the 100 day MA level again

Technical Analysis

Author: Greg Michalowski | gbpusd

The 200 bar MA on the 4-hour is being eyed too

I was off on Thursday and Friday last week but the price action was down and and up and down and up again. That price action allowed for the 100 hour MA to catch up to the price. That MA (blue line at 1.29433) was tested on Thursday and again on Friday. Today at the highs, the price sniffed the MA again, but sellers leaned and pushed the price lower (once again).

The 200 bar MA on the 4-hour is being eyed too
The fall has taken the price down toward the 100 day MA (at 1.28912 - see blue overlayed line on the chart above).  The 200 bar MA on the 4-hour chart is also close by at 1.2882.  Buyers should lean with stops on a break below.  

However, the sellers - who have shown the desire to keep control by selling agaisnt the 100 hour MA above - have room to roam on the downside. The range for the day is only 46 pips so far. The average for the GBPUSD over the last 22 days (about a month of trading) is 110 pips.   That is a lot of space.  

The ball is still in the sellers court.  Shorts can look for a break. 

On a break below, the low from Feb  7 comes in at 1.2853. Below that, and the 50% of the move up from the 2019 low comes in at 1.28346.

The daily chart of the GBPUSD

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