Activity remains choppy...

The activity in the GBPUSD is choppy - with the most of the London session moving higher and lower. Stretching out to the hourly chart, the traders seem to be leaning against the 100 hour MA (blue line in the chart below). We are currently testing that level as I type. A move above and staying above should lead to an extension of the range with the high from yesterday as the next target to get to and through at 1.4479.

That 100 hour MA level currently comes in at 1.4456. At the high for the day, the price reached 1.44657 when the 100 hour MA was at 1.4460. That stretch lasted less than 5 minutes before moving back lower (see 5-minute chart below). There have been other little moves above the MA level in the last hour or so. Each rejected as well. The price needs to show it can get above and stay above.

Remember yesterday, the price did bounce off the 100 day MA. That was the first test of the key MA since April 25th.