100/200 hour MA above and swing areas at the low stall the GBPUSD extremes today.
The GBPUSD moved higher in the Asian session, reaching a peak of 1.36823. That sniffed the near converged 100 and 200 hour MAs at 1.3690 area.
The subsequent up and down march lower, took the price to a low at 1.36185. That low sniffed the double bottom on the hourly chart below at 1.36103.
The battle lines are known for the buyers and sellers. They just couldn't muster enough momentum to push through the extremes as the ups and downs continue in the pair.
The price is currently trading around 1.3644. That is just below the 50% of the range today (see 5 minute chart below). The high corrective price extended above the 50% briefly but backed off.
If the sellers are to remain in control, the best technical conditions would be if the price were to stay below the 50% retracement of the days trading range. A move back above and then above the 200 bar moving average (green line in chart below currently at 1.3656) would not be good for the sellers. As it is, the inability to extend to the 1.3610 level at the Lowes today likely has traders unsure.
So there is a battle on the hourly chart at the wider extremes, and a mini battle off the 5 minutes chart as well. Buyers and sellers are trying to figure out the next shove and sniffing around for the next clue.