The "market" is unsure
The GBPUSD has moved above the 200 day MA for the first time since June 11. That moving average currently comes in at 1.2696 (green line in the chart below). The price has also moved above a trend line connecting the high from December 2019 and March 2020. That trend line cuts across at 1.2684 currently.
The price has just moved back below the 1.2684 level and looks toward the swing highs from July 9,10 and 11 between 1.2683 and 1.26685. Yesterday, the pair stalled in that area as wel (see red number 5)l.
Today, in the Asian session the price did trade above and below that area (see hourly chart below). However when the 1.26487 level held support (that was the swing high from July 15), sellers turn to buyers and push the market to the days high. The price has been waffling up and down since the peak (and is now back below the 200 day moving average).
If the buyers are to keep control today, I would look for buyers against the 1.2663 to 1.26685 area. Stay above, and the battle between the buyers and sellers with the 200 day MA at 1.2696 as resistance, and the swing area at 1.2663-68 as support.
Move below the 1.2683 level, and traders may look to retrace back down toward the low for the day at 1.26487.
Move back above the 200 day moving average, and the upside door remains wide open
