Ceiling above. MA below
The EURGBP stalled ahead of the 200 hour MA yesterday and again earlier today. Then it broke higher.
The move higher moved up to a ceiling. That ceiling alternated between a ceiling and floor back on October 9th, 10th, 11th and 12th (see red numbered circles). The retest today (at the now ceiling), stalled the rally.
The fall from the high today, came back down to the 200 hour MA (green line in the chart above). That level comes in at 0.89307. We did dip below in the NY session but that dip could not muster momentum.
We trade between the ceiling above at 0.89475 and the floor below against the 200 hour MA at 0.89307. That is a fairly narrow trading band, but it is the battle that is currently being waged between the buyers and sellers. So respect the levels, and look for the break.
