The GBPUSDs run above the 100 and 200 hour MAs failed
The GBPUSD is trading above and below unchanged levels after a run higher (and above technical levels) failed.
The run higher today took the price above its 200 and 100 hour MAs (green and blue lines) and the underside of a broken trend line (see red shaded area). That break failed after the price stalled at the high from Friday (see green numbered circles in the chart above). Sellers took back control and pushed the price to fresh lows for the day at 1.3042. The price is moving back higher and currently trades at 1.3066. That is just above the close from yesterday at 1.3059 area. Lots of up and down choppy trading.
Drilling to the 5- minute chart, keep an eye on the 1.3072-80 area. The two recent highs peaked at the 1.3080 area. The 100 and 200 bar MAs comes in at 1.30723-1.30774. Watch that area for leaning sellers. Stay below and the downside can be explored more today.
