GBPUSD back to unchanged on the day….

Technical Analysis

Tests intraday MA/50% of days range

The GBPUSD failed above the 100 hour MA earlier and moved below the 100 bar MA on the 5-minute chart(see prior post).  The combination helped to turn the pair more negative intraday at least.   

The price has now moved down to the unchanged level at 1.2837.  It is also near the 50% of the days trading ranges AND the 200 bar MA on the 5-minute chart (green line). 

This could be the low for move today as traders battle it out in this pair.   If the price starts to trade more below the 1.2837 level, we should see further selling though.   Stay above and could see a retest of the 100 bar MA.

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