Bounced off the 100 bar MA on the 4-hour chart.

The GBPUSD tested the 100 bar MA on the 4-hour chart at 1.3073. The low was 1.3074 (see prior post "The 100 bar MA on the 4-hour chart (blue line in the chart above) is down at 1.3073. That should stall the fall. Be aware").

Buyers against the risk defining level, have been rewarded with the price moving higher.

The pair is now testing MA resistance against the 200 bar MA on the 4-hour chart, the 100 hour MA at the same level (at 1.3128) and the 200 hour MA and 38.2% a little higher at 1.3142. The high just printed 1.31277.

The price action - with support holding like a chart an the resistance on the correction holding like a charm - says traders are trading.

Traders sold on the failed break above. Traders put the toe in the water at the 100 bar MA on the 4-hour chart at the NY session lows (risk could be defined and limited). Traders leaned against the MAs above (200 bar MA on 4-hour and 100 hour MA). Again risk could be defined and limited.

With the data done for the day and the main event 2-days forward (NFP on Friday), traders may indeed continue to be traders with buyers leaning below and sellers leaning above. Does it mean all trades will work out? Nope but risk could be defined and limited and if you are able to catch a bottom or top, you have all the power. Look for extremes to lean.