Bears in control

The bears are in control in the GBPUSD with the price below the:

  1. 100 hour MA ( blue line in the chart below) at 1.5453
  2. 200 hour MA ( green line in the chart below) at 1.54236
  3. Below the 38.2% of the move up from the Feb 10 low at 1.54152
  4. Below the trend line at 1.5410

The staying below the 200 hour MA over the last 4-5 hours is keeping the sellers in control.

The price highs today could not extend up to the target against the 100 day MA and the topside trend line. The move back lower should find buyers on dips. The 1.5373 level is the 50% of the move up from the Feb 10th low. Below that, 1.5321-38 is where some recent lows have come in.

A move back above the 200 hour MA and the waters get a little more murky - at least in the short term. .