Stalled below the 100 bar MA on the 4-hour chart suggests the battle is still on between buyers and sellers.
The GBPUSD moved sharply higher on the back of better than expected service PMI today.
However, as was the case yesterday, the price peaked ahead of its 100 bar MA on the 4-hour chart (see blue line on the 4-hour chart above). That MA comes in at 1.33936. The high today reached 1.33915. The test today was more serious (vs yesterday's test). For your guide, the last time the price was above that MA was back on April 19th. So, it has been a while.
The price did come off that resistance level above and retested swing highs from Thursday last week at 1.33478 (low today reached 1.33442). We currrently trade between that level below and the 100 bar MA above. In between, is the 38.2% at 1.33615.
Drilling to the 5-minute chart below, the correction of the move higher also stalled near the 50% of the day's trading range and the rising 100 bar MA (blue line at 1.33468). The combination has given the pair a little boost. That MA line and 50% will be eyed for bias clues intraday. Stay above keeps the buyers a bit more in control. Move below and those looking for more upside (and who did not get out against the 100 bar MA on the 4-hour above), are likely to give up.
