GBPUSD rotates down to support

It tried but it couldn’t do it.

• The GBPUSD gave it the old college try at the topside resistance at 1.6177 to 1.61826 but could not push higher
• Sellers took control and has pushed the price down to the 100 hour MA (blue line) and the underside of the broken trend line at the 1.6146 and 1.6139 respectively.
• The 38.2% of the days trading range is also at the 1.6146 making the area a support level on that chart as well (see chart below)

I call this formation “Trading between the Goal Posts” (100 and 200 bar MAs). In this formation, I expect traders to lean against the extremes and look for a break with momentum.