GBPUSD survives the test of a key cluster of support.
High today stalled near the 100 day MA too
The GBPUSD is trading the technical ranges today:
- On the topside, the 100 day MA at 1.31007 did a good job of stalling the rally. The high for the day did move above the level, but only by about 5 pips (the high reached 1.31055.
- On the downside, the 100 and 200 hour MA and 50% midpoint of the range since September 20th all at 1.3038 (give or take a pip) stalled the fall. Like the 100 day MA, the price did dip a few bips below, but buyers did stall the fall.
We currently trade at 1.3050 after moving toward mid range of the days range and finding sellers.
The traders are trading with the technical support and technical resistance defining the range. The stall near the midpoint, being lower on the day, gives the sellers a little more of the advantage. A move below the aforementioned 1.3038 level will also need to get below a swing area at 1.30239-29 (see yellow area). There has been a number of swing levels in that area.