The GBPUSD moved up to test the 100 hour MA in the London morning session and found sellers.
The subsequent downside move took the pair back to a target support at 1.1019. In the morning video (GBPUSD commentary starts around 4:40 in the video), I spoke to that level as a level to get to and through to increase the bearish bias. That level could not be broken despite three hourly bars that knocked on the floor's door. The price could not get below. Sellers turned to buyers.
The subsequent rise has seen the price move above the 100 hour MA. The price moved to a intraday high at 1.1098, above the 100 hour MA at the time at 1.1085, but momentum failed. The price is back below the 100 hour MA again, trading at 1.1065. Buyers had a brief victory, but sellers answered their score, with their own.
The dynamics technically remain the same....
- Get and stay above the 100 hour MA for a more bullish bias. We need more momentum that will take the price now above 1.1112 and then work toward the 200 hour MA at 1.11894.
- Move below 1.1019 and stay below would have traders refocused on the 50% retracement area near 1.0924.
Buyers had their shot. A swing and a miss. Sellers are more in control.