The GBPUSD has tried on three runs to the upside today.
- The first in the early Asian session stalled against a downward sloping trend line on the hourly chart.
- The second move higher stalled near the high of a swing area between 1.1350 and 1.13835. The high price reached 1.13816.
- The third move higher stalled near the lower end of that swing area at 1.1350.
Those remain the bearish lids that the market traders have leaned against in trading today. It would take a move above the 1.1350, the 1.13835 and the downward sloping trend line to increase the bullish bias going forward.
On the downside, the 100 and 200 hour MAs at 1.12598 and 1.12479 (and moving higher) would be needed to increase the bearish bias (blue and green lines).
Overall, there is a battle going on. The battle lines are drawn. The current price is trading between the levels.near 1.1300. Traders are looking for the next shove, but the support and resistance targets seem well defined.
This article was originally published by Forexlive.com. Read the original article here.