The action is in the USD today, but EURGBP has ping ponged between key MA levels

Although all the action is in the USD today after the better-than-expected CPI, the EURGBP EUR/GBP The EUR/GBP is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the British pound of the United Kingdom (symbol £, code GBP). The pair’s rate indicates how many British pounds are needed in order to purchase one euro. For example, when the EUR/GBP is trading at 0.7500, it means 1 euro is equivalent to 0.75 British pounds. The euro is the world’s second most traded currency, whilst the British Pound (GBP) is the world’s third most traded cur The EUR/GBP is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the British pound of the United Kingdom (symbol £, code GBP). The pair’s rate indicates how many British pounds are needed in order to purchase one euro. For example, when the EUR/GBP is trading at 0.7500, it means 1 euro is equivalent to 0.75 British pounds. The euro is the world’s second most traded currency, whilst the British Pound (GBP) is the world’s third most traded cur Read this Term is ping-ponging between some important moving average levels.

Looking at the hourly chart above, the high price today stalled near its 100 day moving average at 0.84675. The subsequent fall to the downside has seen traders are leaning against the rising 100 hour moving average (lower blue line). Also near that level sits the 200 day moving average. Both those MA are near 0.8439 (the 100 hour MA was lower and is moving higher).

So traders leaned against the 100 day moving average above and are leaning against MAs on the bottom. Traders will also be on alert for a shove in either direction. Him him him