Stays below the 50% of the move down from the high
The GBPUSD has had an down and up day today. Technically, the move lower in the Asian Pacific session found buyers ahead of the lows from Friday. It was a somewhat random low. From there the price climbed back to unchanged (Friday close at 1.2226), and then above the 200 hour MA (green line in the chart below at 1.22316 currently). The 50% of the move down from Friday at 1.22504 and the 100 hour MA at 1.22572, are overhead resistance levels that has stalled the rise. The high for the day has peaked at 1.22483.
It is off to one of those trading days where there is a little bit of up and down. The price move back higher has returned to technical levels and it seems that traders are happy to lean against those topside resistance levels with stops above. Will a trade reap huge gains? Probably not. ON the downside the 50% of the days range is 1.22165. The 200 bar MA on 5 minute chart is near that level at 1.2218.
