Support at 1.2643-52 area. Resistance at 1.2707-136 area
The GBPUSD is currently trading at 1.2682. That is between support defined by the 200 hour MA and 50% retracement of the move up from the June 18 low at 1.2652 and 1.26439, and resistance defined by the 100 hour MA at 1.27136 and the 200 bar MA on the 4-hour at 1.27077.
In between those "Goal Posts" sits the 38.2% at 1.3676 and the 100 bar MA on 4-hour at 1.2674. The price has been waffling above and below those levels as the "market" decides what it wants to do next.
Looking at the 5-minute chart, it looks a little head and shoulder-ish (right shoulder being formed perhaps). The pair is also below the close from yesterday 1.2689. The last few peaks have been able to stay below that closing level (keeping the pair in the red for the day). Can the sellers keep the price in the red today? That line could be the barometer for bullish/bearish.
We will see.....
UPDATE: The GBPUSD moved back into the black, blowing up the head and shoulder idea and more negative bias...Waters are muddy with the aforementioned teh 100 hour /200 bar MA on 4-hour, the resistance now...
