Moves above intraday MA
The GBPUSD traded to a lower trend line on the daily chart earlier in the day and bounced (see prior post and the chart below). A bottom was found.
The price has now moved up through an intraday technical levels that have muddied the water for trend move lower today (see 5-minute chart below).
- The price moved above a trend line
- The price moved above the 38.2%-50% of the last trend move lower at 1.28738-1.28804.
That price action muddies the waters
We are now breaking above the 100 bar MA on the 5-minute chart and moving above the 38.2% of the days trading range at 1.2893. A trend line is ahead at 1.28975 (call it 1.2900).
The trend waters are muddy. The question is "Is the low a major low that leads to something more for the pair?
Get above the trend line. Get above the 50% of the day's range at 1.29057. Get above the 200 bar MA on the 5 minute chart at 1.29159.
ON the downside, staying above the 100 bar MA at 1.2887 would be the best case scenario. Staying above the broken 1.2880 would be another level to stay above to keep the buyers happy.