GBPUSD technicals
The GBPUSD remains within the confines of MAs after test of the 100 hour MA found wiling sellers.
Looking at the price action on the chart above, the price remains between its 200-hour moving average below at 1.32946, and it’s 100 hour moving average above at 1.3323.
The price over the last few days has seen extensions above and below those moving averages, but momentum has faded and the price action reversed.
Traders going forward will be looking for a break with further momentum in the direction of the break (i.e. taking out previous lows or previous highs). Failures will likely lead to snapback moves in the opposite direction.
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