The rising 100 hour MA is being approached
The GBPUSD is trading near session lows and in the processs is getting nearer the 100 hour MA at 1.3219 level (blue line in the chart below). That MA was broken to the upside on Wednesday, stayed above and squeezed higher with the Brexit vote to block a no-deal (at least at the lawmaker level).
On Thursday/Friday, the pair traded higher and lower with 1.3200 as a low. On Friday, the pair moved above a ceiling at 1.3286, but stalled at the 1.3300 level.
So on the wide, the 1.3200 to 1.3300 area is the low and high that defines the trading range as traders wait for the next Brexit push (one way or the other).
A bearish clue between the levels would come on a move below the 100 hour MA at 1.3219 level. On the topside, ahead of the 1.3300 level, the 1.3286 level will be eyed.
Drilling to the 5-minute chart below, the pair today had a quick rebound off the low at 1.3227. That rise, however was stalled by the 100 bar MA (blue line) at 1.32656. The 50% of the day's trading range come in at 1.32634. Stay below that mid area, keeps the bears intraday more in control. Move above, and the sellers are losing thieir grip/control of the market.
So sellers are in control, but it needs to stay below the falling 100 bar MA on the 5-minute and needs get below the 100 hour MA at 1.3218 and the 1.3200 levels to put more downside pressure on the pair.
