The GBPUSD opened today and moved lower in the Asian session. However, the pair was able to technically stay above the 38.2% retracement of the move up from the May 13 low. That level comes in at 1.24705. The low price for the day reached 1.24745. Buyers leaned against the level, and the price moved higher as traders became more comfortable with the idea that PM Johnson would likely survive the "vote of confidence".
The subsequent price move to the upside reached through the 100 hour MA (blue line) currently at 1.25466 and up to the 200 hour MA at 1.25753. The high price for the day reached 1.25767 just above the 200 hour MA, before rotating back to the downside and toward the 100 hour MA. The price has dipped below the 100 hour MA but has been reluctant to gather much momentum. The price is trying to push back below the MA as I type. The bears are making a play.
On more momentum, the 1.2524 level would be the next target followed by 1.2500. Below that and traders will once again be eying the 38.2% at 1.24705.
On the topside, with all the resistance selling near the higher of the 100/200 hour MA since last Wednesday, getting above the 200 hour MA at 1.25753 would be eyed for more bullish clues. Absent that, and the technical trend of selling against those MAs keeps the lid on the pari.
