The GBPUSD ping ponged up and down yesterday with the 100 hour MA above and the 200 hour MA below providing the back board for the buyers and sellers.
Today, the pair initially moved lower and found support against the 100 day MA at 1.35066. That MA was just above the 200 hour MA (currently at 1.34968). The move higher found sellers against the 100 hour MA for 2 successive hourly bars. The 50% midpoint of the 2022 range was also at the level. There was a break higher which should have tilted the price action on a more bullish trajectory, but that break failed after extending to 1.3563.
Since then the pair has reestablished the 100 hour MA/50% midpoint as resistance. The pair currently trades just below it at 1.3549.
The ping ponging continues until there is a break and the break stays broken. The price is near the high extreme but still needs the break and run. If the pair can get above, traders will look toward the 61.8% near the 1.3600 area. Move above that, and the high from last week at 1.3567 would be targeted.