GBPUSD trades up and down. 200 hour MA eyed

Technical Analysis

Author: Greg Michalowski | gbpusd

200 hour MA at 1.3002

The GBPUSD has seen up and down price action today. The moves have seen the price move above its 100 hour moving average at 1.30536 (blue line), but found resistance in a whitish swing area between 1.30638 and 1.3082 .  

On the downside, the price fell below the 50% of the move up from October 16 low at 1.30157, but did find some buying near the 200 hour MA (green line) at 1.30022 level (despite a dipped below the 200 hour moving average).  The pair did fine support against the underside of a broken trend line at the lows.

200 hour MA at 1.3002
The traders seem to be little bit shaky from the long and short side for the pair. That creates the volatile up and down price action seen more recently. Needless to say the Brexit story continues to remain on traders minds. Then there's the Covid case search which are worse in the continental European countries with France leading the way.

With volatile up and down action, pay attention to your technical levels and hope there are bounces or follow through some breaks. For now stay below the 100 hour moving average (is also the 38.2 % retracement). On the downside get stay below the 200 hour moving average should solicit more downside momentum (watch 1.29779  - the 61.8% retracement level on the hourly chart above).
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