GBPUSD tests 200 hour MA after old floor stalls at a new ceiling.
A ceiling at 1.2570 and 38.2% retracement as well stalls the rise
The GBPUSD is off highs after the US data today and in the process is testing the broken 200 hour MA at 1.25509. The price of the pair moved above that MA for the first time since July 1 earlier today, but stalled at what was an old floor built on July 3, 4 and 5 at 1.2570 area, before cracking lower. That floor became today's ceiling.
hey dad they don't
At the level is also the 38.2% of the move down from the June 25th high.
Traders will eye the 1.2570 level as resistance now (with stops above). A move below the 200 hour MA will tilt the bias back to the downside.