Or is it just Summer trading....GBPUSD fails once again below the 200 hour MA and 50% retracement
The GBPUSD could not push below the 1.5560 level and moved back above the 1.5579 area level where the 200 hour MA and 50% and it has been. That ignited the engines and the pair has raced higher since. The 4 PM London fix also got in the way as well. Perhaps there was an incentive to push the fixing price higher from one of the big players (of course there is no collusion anymore - or I hope the 14 year jail sentence doled out yesterday is a warning).
Anyway, the pair has shot up to back over the 100 hour MA niow (blue line).
Meanwhile over in the EURUSD, that pair has not followed suit and rallied, suggesting the EURGBP is back in play. Looking at that chart, the last hour has seen a spike higher followed by a tumble lower..... The tail is certainly waggin the dog and leading to increased volatility in the respective pieces (or at least the GBPUSD).
Summer trading, had me a blast. Careful folks. RISK from lack of liquidity is increasing.
