Up and down trading today
The GBPUSD has been trading up and down in choppy trading today. The low for the day reached 1.2716. That was well above the rising trend line and rising 100 hour moving average at the time. Those levels are currently at 1.2716 and 1.27116 respectively. It would take a move below each to tilt the bias more to the downside today and going forward.
The high today was reached in the Asian session at 1.27223. That took out the high from the week from Tuesday at 1.27666 but only by a few pips. The current hourly bar has moved between those levels to 1.27709, but backed off. We currently trade at 1.27611. A move above the highs will have traders looking toward the June high which came in at 1.28118. That was the highest level going back to March.
Reprinted from forexlive, the copyright all reserved by the original author.
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