Technical Analysis

The GBPUSD trades mid support and resistance

Stays below 200 hour MA and above swing area

The GBPUSD is trading in the middle of the support and resistance levels.

The support comes in at 1.3092-99.  That level is home to the swing levels going back to Feb 20 (see green numbered circles).   Crrowds of traders gathered there with buyers leaning against the support level. The price moved higher.

The topside resistance is defined by the 200 hour MA (green line).  Like the support, crowds of traders gathered there with sellers leaning against the MA line.  The price moved back lower. 

The move lower today, has been scraping  over the last 11-12 houra at the 38.2% of the move up from the Feb 14 low (not shown but it was a swing low).  That level comes in at 1.31287.  A move below, would have traders looking toward the lower support extreme.  So far, however, buyer are continuing to keep the intraday control against the level.

The problem is the low to high range since the bottom is only 36 pips (the last 11 or so hourly bars).  Traders are waiting for the next shove outside the levels. 

Speaking of crowds and leaning, did you see the video below?

ForexLive

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