200 hour MA is holding support over the last two hours
The GBPUSD has seen a few ups and downs in trading today.
The initial move was to the upside where traders stalled ahead of the 38.2% retracement at 1.39546.
The next move took the price below the 100 and 200 hour moving averages to the low for the day at 1.38953 but quickly move back above that moving average.
The next high fell short of the earlier high and the most recent low stalled ahead of the previous low AND the 200 hour moving average at 1.39033.
That 200 hour moving average will be a barometer for buyers and sellers going forward on the downside . Move below and the bias turns more negative with 1.38869, the rising trend line at 1.3874 and the swing area near the 1.3854 to 1.3863 (low from Friday) as the downside targets.
Conversely, start trading more comfortably above the 100 hour moving average at 1.39229 (blue line in the chart above), and the focus once again becomes the highs for the day, and the 38.2% retracement.
The big resistance for the pair comes between 1.3998 and 1.4009 (see red numbered circles). The high price on Friday stalled right in that area. Good, strong ceiling at that area.
