TECHNICAL ANALYSIS

GBPUSD remains below its 100-day moving average


Sellers to lean against the level

GBPUSD remains below its 100-day moving average 1.25693 (see earlier post here). The peak of the London session in the morning extended to 1.25751. More recently, the high price reached 1.25691 – just below the moving average – and fell again.
Sellers rely on level_

On the downside, the concentration will remain intraday at the level of 1.25243. It was the highest in the Asian session and also the lowest in the London session in the morning (see the numbered red circles in the table above).

A move below the 1.25243 level would have traders looking towards a trend line currently lower than 1.2507 and moving higher. Stay above this level and buyers stay in control

battle against the 100-day moving average still going on.

By drilling on the 5-minute graph below, the price fell below its moving average of 100 bars and its upwardly sloping trend line (see the blue line in the graph below). The moving average of 200 bars is 1.25223. The price has found support in the past 2 days against this moving average of 200 bars. As a result, trading below this level would also be a more bearish intraday signal.

GBPUSD on the 5 minute chart

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