GBPUSD moves down and up and down and up and back down again | Forexlive

After stalling near the high from last week, the buyers have turned to seller in the GBPUSD . The price has retraced 38.2% of the move higher from the low yesterday. That low stalled near the low from February 17th.

So…this week’s low stalled near the last swing low. This week’s high stalled near the swing high.

What next?

If the selling can keep the pressure on below the 38.2%, the next targets include the 200 hour MA at 1.2032 and 100 hour MA at 1.20234. Earlier today, those MAs stalled the fall before bouncing higher.

Since the late Asian session on February 15 (see red circle 1), the price of the GBPUSD has moved from 1.21425, toward the low at 1.19215 (green circle one), back up to test the high (red circle 2), and back down to test the low (green circle 2). Finally, there has been one more move back up today (red circle 3).

With the ups and downs, it has allowed from the 100/200 hour MAs to converge near the middle of the range, indicative of a non trending market, awaiting the next break. Those MAs become mid range barometers for the bias between the extremes.