GBPUSD ups and downs continue

Technical Analysis

Author: Greg Michalowski | gbpusd

Stalled at the 61.8% and swing highs.  

The GBPUSDs ups and downs continue as the EU Summit progresses. The most recent run higher took the price to the the swing areas at 1.31154 to 1.31209. The high price reached 1.31192, stalled and the price moved back down.

Stalled at the 61.8% and swing highs.  

Earlier in the NY session, the price fell below the 100 hour MA, but could not stay below - or reach the lower trend line/low for the day.  That MA remains a target along with the a lower trendline.  

We are trading above and below the 200 hour MA at 1.3083. What we know (or can hope) is that either the 1.31209 level is broken and the price scoots higher OR the 100 hour MA and lower trend line are broken, and the pirce scoots lower. 

Between those two levels and the ups and downs are just continuing.   

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