The sellers making a push again…
The GBPUSD has been trading above and below its 200 hour moving average of the last three hours of trading. Buyers tried to make a push but stalled near a topside swing area. The sellers are returning
On Friday, the GBPUSD moved sharply higher after the Michigan sentiment, but did find sellers near its 200 hour moving average and a swing area between 1.3871 and 1.38774. The high prices reach 1.38742.
In the Asian trading, the price moved back to the downside and retested its 100 hour moving average near 1.38426. Although the price move below that moving average level, buyers came in and started the push back to the upside (the low reach 1.3838).
The initial high did stall right under the 200 hour moving average, but did see a rotation back above the 200 hour moving average level over the last three hours of trading. However sellers have returned and are pushing the price back toward its 100 hour moving average as I type.
With the price between the 100 and 200 hour moving averages, and sellers failing on a break below the 100 hour moving average, and buyers failing on a break above the 200 hour moving average, the “battle is on” between the bulls and the bears. Traders will be watching the moving averages going forward for bias clues.