MAs and swing area coming together..
The GPBUSD is moving back toward the lows of the day and in the process is approaching support at now a cluster of support.
At the 1.2406-1.2417 area are:
- 200 bar MA on the 4-hour chart at 1.2415
- 100 day MA at 1.24065
- A swing area where there have been a number of swing highs/lows since mid January (between 1.2411 -17). See the yellow area.
The 200 bar MA by itself has been broken a number of times (green line) since Feb 7th. There has been one hourly bar that closed below that MA line on all the breaks (yesterday). That MA has been moving higher and it has no joined the other technical tools.
At some point, if this pair is going lower, there will be a break and run. Until then, trader will cautiously "dis-trust" the level.
PS Today at the highs, the pair moved above trend line resistance and then the 100 bar MA on the 4-hour chart. What happened? A big fail. Traders are apparently dis-trustful of the upside too. Be aware.
