Battle lines are defined
The GBPUSD is continuing what was started yesterday – a lot of ups and downs.
IN the process, the pair has been able to find dip buyers near a lower trend line and the 100 hour MA (at 1.2976-83 currently) and sellers in the 1.3027-42 area. The high today did extend a few pips above that area, but the run was short lived.
So the extremes are defined.
If you like the sell side, look to sell in the 1.3027-42 area. If you like the buy side, the trend line and 100 hour MA has proven itself.
Breaks above and below the extremes, should solicit more momentum in the direction of the break.