Ping pongs...
At the start of the NY session the GBPUSD was testing the 100 hour MA (see post here). The price was coming down from a triple top near 1.2988. On the 5- minute chart, the price created a lower ceiling against the 100 bar MA. All was outlined in the earlier post.
However - as noted - there was a lot of support (trend line, 200 hour MA and 38.2%) at the 1.2926-275 level. It could not be ignored. If there was a triple top, this was a triple bottom (3 tools at the same level).
So what has happened? Has the bears taken more control or did the support stall the fall?
Well, the 100 hour was broken at 1.2941, the price went to the support from the 3 technical tools at the 1.2926-275 and held, AND the subsequent rally subsequently stalled at the 100 (and 200) bar MA on the 5-minute chart for the 2nd time today at 1.2951 (see 5-minute chart below).
We trade between that support (1.2926) and that resistance level (1.2951) now.
Nothings been solved except we now know, I am not the only one looking at the levels. For traders neither a bear or bull is fully in control, but those not trading the extremes (i.e. in hte middle) might be getting a little punch drunk from the downs and ups. Some lines in the sand have been drawn.