Buyers and sellers are landing some punches

The price action in the GBPUSD reminds me of a boxing match.

  • The buyers landing a punch by holding the 100 hour MA on the opening in the Asian session (blue line in the chart above),
  • The sellers connected when it held the topside of overhead resistance at red circle 6,
  • The buyers got beat up with the move below the 100 hour MA, but
  • Started to get it's legs back under them when the low from Friday stalled the fall at green circle 2
  • That led to the buyers taking more control with a flurry of buying that pushed the price back above the 100 hour MA (blue line),
  • Only to be stunned by an upper cut at the high ceiling (at red circle 7).

The battle rages with the two fighters back on the ropes at the 100 hour MA.

Who is going to land the next punch?

Who is going to go for the knock out on a move above the 1.3576-85 ceiling or below the 1.3522 floor?

That is what the price action is saying.

Ding! Ding! Ding! Get ready for the next round.