Ceiling remains 1.24717 to 1.24840
The GBPUSD remains in a consolidation range and waiting a “shove” from the market one way or the other.
The swing hi from a week ago reached 1.2484. The high from Tuesday’s trade reach 1.24717. Today the high price extended to 1.24739 – between those two level.
On the downside, the rising 100 hour moving average and lower trend line cuts across at 1.23825 (and moving higher). The price just reached down to 1.2397.
The ceiling is in place at 1.24717 to 1.2484. The trend line and 100 hour moving average at 1.23825 (and moving higher) form the lower support. A shove outside either of those levels should solicit momentum in the direction of the break. Currently the price is looking toward the lower target after the buyers had their shot at the high.
PS remember, looking at the dally chart, the GBPUSD has the 50% of the move down from the December 2019 high comes in at 1.2461. The last 4 out of 5 trading days has moved above that line in the sand, and failed. Not being able to get and stay above is a problem for the buyers. Keep that level in mind. Trading below is more bearish after all the opportunities to go higher.
