4th test of the 200 hour MA and 38.2% retracement
The GBPUSD is testing the 200 hour MA and the 38.2% retracement for the 4th time today. Each time the price has rebounded. However, each bounce has been less with the 1st rebounding about 50 pips, the second about 37 pips and the last one only 29 pips from the low to the high.
Will traders try again. But will the rebound be even more contained (the 100 bar MA on the 5-minute at 1.3013?). So far, buyers are leaning again. The MA is at 1.29934, the low reached 1.2995. The price has moved up to 1.3004. Get above 1.3013 and then 1.3023 for greater relief for the dip buyers.
