Trades above and below the 200 day MA to start the week
The GBPUSD has traded above and below its 200 day MA after closing near it on Friday (see green line in the chart below. That MA comes in at 1.35347. The low for the day reached 1.35146. The high extended to 1.3575. We currently trade at 1.3557.
The high price today found some sellers against the falling 100 hour MA (blue line in the chart below) at 1.35777 currently. On April 26th, the price moved above that MA for two hourly bars, but failed and tumbled lower. The MA is much lower now (was at 1.3966 on April 26th) which makes the hurdle easier.
For now though, staying below the 100 hour MA but above the 200 day MA, sets up the battle for the bulls and the bears. One will win as the week progresses.
The BOE will meet on Thursday and the expectation are for no change in policy. The statement will go a long way toward defining the next push.