100 bar MA on 4-hour chart
The GBPUSD pushed up to the 100 bar MA on the 4 hour chart yesterday, and found sellers. It is doing it again today. On Monday, there was a quick move higher above the line but that was quickly reversed. Needless to say there is a reluctance to move above the MA line.
So the sellers are leaning.
Although that focus is more bearish, the sellers had their opportunity to take the pair lower. At the days lows, the price was breaking below trend line support. That line had 4 separate tests. A break should have sent the pair lower. That was not to be and it helped the pair rotate higher.
So a little bit of country (bullishness). A little bit of rock and roll (bearishness). At some point, the traders will make the push and break, but for the time being, the pair is happy between the extremes.
