GBPUSD stays contained in up and down market
Holds below 100 hour MA above (and 1.2100 level). Off lows
The GBPUSD has remained relatively contained as other pairs swing more voilently.
The pair moved higher earlier but found sellers near the falling 100 hour MA and the 1.2100 natural resistance level. The high reached 1.2097 level.
ON the downside, the low since all the headlines saw the pair fail to reach the earlier session low.
There is a low trend line at the 1.2047 level just off recent lows on the hourly.
On the topside, the 1.2100 area remains resistance.
Taking the longer look at the weekly, the pair broke below a lower trend line last week. Bearish. The rally higher this week took the price back above the broken trend line but could not get above the March 2017 low at 1.21085 (the high on Monday got to 1.21057). We are currently back at the trend line at 1.2065.
So the weekly chart has the pair sitting on the fence, looking for the push one way or the other. Be aware.