Technical Analysis

GBPUSD takes a breather. The price is higher but push stalls

Trades above and below the 100 day MA 

The GBPUSD is higher on the day, but the rally higher – although it took out yesterday’s high – stalled ahead of the 50% retracement of last week’s trading range at 1.31759.  The price has rotated back down toward the 100 and 200 hour MA (at 1.3156 and 1.3137 respectively) and the 100 day MA at 1.3145.  The last 4 trading hours have closed above the 100 day MA. Can it make it 5 or is the bullish move up?

We sit in between the MAs looking for the next break with momentum.  Break higher or lower?  

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