200 day MA below, 100/200 hour MA (swing level) above
Adam was scratching his head in trying to explain the run back higher in the GBPUSD. As per his post:
Some are pointing to a Sun report saying the UK has decided to allow unimpeded imports from the EU in the case of a a no-deal Brexit, in order to keep goods moving and to prevent them from piling up in ports.
Ok...
Technically, at the day's lows, the GBPUSD did fall to the 200 day MA and dipped 3 pips below that MA line (low reached 1.30396 vs the 200 day MA at 1.30428). Last week, there were similar cracks that failed. Honestly, I expected more this time. It was not to be and sellers turned to buyers, leading to a scramble higher.
However, although off the lows, the pair continues to have trouble against the 100 and 200 hour MAs at 1.30964-1.3104 (blue and green lines respesctively). The high price moved to 1.31022. That area is also a swing level over the last few days. The current price is back down toward 1.3080.
The best thing I can say technically, is the pair continues the ping pong trading between the hourly MAs and swing levels above, and the 200 day MA below The pair is also non-trending.
Eventually, there will be a break and run. For now....Ping.....Pong....Ping.....Pong and some head scratching myself....
