GBPUSD peeks below the floor. No momentum.

Technical Analysis

Author: Greg Michalowski | gbpusd

Low reaches 1.2800

Shorts are trying to wrestle back some control from the buyers.  


The GBPUSD moved below the 1.2806 prior low for the day and moved to 1.2800, BUT momentum fizzled and the price has moved back above the 1.2806 level. 

In a market that has shorts nervous, that failed dipped is a concern.  The price remains below the 100 and 200 bar MA on the 5-minute chart at 1.2831 which intraday gives a little nod to the intraday sellers but in a broader picture, the sellers have to show they can get below 1.2806 and 1.2800. If they cannot, the sellers will likely turn back to buyers.  A move above 1.2831 will be more bullish.