The GBPUSD moved higher on Friday, and in the process tested the swing high from Tuesday's trade at 1.35978.
After opening lower today, the price moved back up to that swing high level and waffled around it, until breaking higher in the early London morning session. The high price reached 1.36025.
Looking at the daily chart below, that high price for the day stalled in a swing area between 1.35978 and 1.36063 (see red numbered circles and topside yellow area). A downward sloping trendline was also near that area providing some cause for pause for the buyers.
As a result, sellers leaned, and the price has rotated back down toward the 100 day moving average (blue line)
So resistance was met and held, and support as now being tested.
The question is "Will the first level support at the 100 day moving average/100 hour moving average hold?".
If not, other targets including the upward sloping trendline on the hourly chart and the 200 hour moving average would become eyed by traders.
Conversely hold support, and the buyers can restart and push back toward the highs.
