Finding some sellers against the risk defining level
The GBPUSD traded above and below its 100 bar MA on the 4-hour chart in the London session, but has moved to a new high on the back of the dollar selling from the weak ADP report..
Technically, the high has reached a tested topside trend line at 1.2743. The high reached 1.27426 so far. Sellers are selling against the level on the test. It stalled rallies in the past. Why not.
The 100 bar moving average on the 4 hour chart will be targeted at the downside.