Sellers lean against the 100 hour MA
The GBPUSD has joined the dollar selling over the last 3 to 4 hours of trading. The move to the upside has seen the price extend toward the falling 100 hour moving average. That level comes in at 1.3841. The high price just reached 1.38387. Some early sellers are leaning against that moving average level (it is also near a swing area up to 1.38435).
A move above the moving average with momentum would have traders looking toward a downward sloping trendline at 1.3859. That trendline was tested at the highs yesterday, and found willing sellers who pushed price below the 100 hour moving average (and stayed below that moving average).
The range for the week is less than 100 pips (around 95 pips). The hi was reached on Monday’s trade at 1.3892. The low was reached today at 1.3790. The low today took out the low from yesterday but only by a few pips before rebounding (sellers turned to buyers).