200 and 100 hour MA stalled the rally at present
The GBPUSD continues to press on the 200 day MA. Final week, the pair stalled in opposition to the 200 day MA on Tuesday, Wednesday, and once more on Friday. Right this moment is the 4th time pair stalled and bounced, however the bounce at present up to now has been modest.
Can we break decrease at present as merchants get extra frightened a few no-deal Brexit? I might suppose the sellers would make a run at it at present.
Serving to the bearish bias is that the excessive at present stalled simply forward fo the 200 and 100 hour MA (inexperienced and blue traces within the chart above). That space was additionally close to swing ranges from Thursday and Friday’s worth motion (see inexperienced numbered circles). Sellers leaned in opposition to the realm. The worth fell.
Sellers are in management. They want one other push beneath the 200 day MA. A break would look towards the 1.3000-11 space. The 1.3011 is the low from Jan 24. The 1.3006 is the 38.2% of the transfer up from the Jan 15 low. The 1.3000 is a pure assist degree (and possibility degree).