If the price can’t get (and stay) above the 200 hour MA, the buyers are not winning
The GBPUSD tried to move higher and trading today. The price extended above its 100 and 200 hour moving averages at 1.3927 and 1.3933 respectively. The high price reached 1.3939. However similar to Thursday and Wednesday of last week (when the upper 200 hour MA was broken), the momentum faded and price reversed back to the downside.
There is a swing level between 1.3886 and 1.38948, and a lower swing area that comes in between 1.3853 and 1.3861. The low price just reached 1.3884. Can the sellers push to the lower swing area now? That is what traders will be looking today.
The overall tilt is still to the downside for the pair. The buyers have taken their shots above the 200 hour moving average and failed on each attempt. If the price can’t get and stay above the 200 hour moving average, the buyers are not winning. The sellers are still more in control.