New lows (barely) failed to impress. Buyers take the price off the lows

The GBPUSD took out the lows from yesterday - by a fraction of a pip. The low yesterday was 1.51068. Today's low is 1.51065. That doesn't impress me much, and it did not impress the market either. The price has been ratcheting higher since then and currently trades at the highs for the day.

The pair is also testing the 100 hour moving average (blue line in the chart above). Yesterday, the pair moved above the 100 hour moving average for the 1st time since September 22. That break also failed in finding much momentum (stalled at a swinging high from September 28 at the 1.5211 area) and buyers gave up.

The buyers from below today, will want to see further momentum above this moving average line with the next target being the topside trend line at 1.5196. Additional resistance (a target to get to and through) comes in at 1.5200 – 1.52116 (yellow area). There has been a number of swing lows and swing highs in that 11 PIP range going back to September 24 in this area. If the GBPUSD is bottoming, getting to and above this area (and staying above) will be eyed.

Failure to get and stay above the 100 hour MA, may not be the end of a bottoming but traders will be cautious for any resumption of the downside trend.