GBPUSD trade between the 200 hour MA and 100 hour MA

The GBP/USD has experienced volatile price action today, with the high price briefly surpassing its 100-hour moving average (blue line, currently at 1.2108) before quickly reversing course. Momentum could not be sustained. It would now take a move back above that 100 hour moving average to increase the bullish bias.

On the downside, yesterday's low stalled precisely at the 200-hour moving average. It's worth noting that on Friday, the price crossed above this 200-hour moving average and then retested it before surging upward. That increases the MAs importance going forward. The low price today could not reach that 200 hour moving average level .

Sandwiched between the two hourly moving averages is the 100-day moving average at 1.20363 (blue step line on the chart above). During the London/New York trading session, the price dipped below the 100-hour moving average a few times, but the downward momentum could not be sustained. The GBP/USD currently trades at 1.2069.