Rally off BOE stalled near 100 bar MA on 4-hour chart
Yesterday the BOE moved closer to hiking rates (but not guaranteed yet). The price of the GBPUSD shot higher and that rally was extended today. Technically, the priced moved to an old trend line that attracts either buying or selling interest (see red circles). Today that line was broken and the price ran higher.
The rally stalled just ahead of the 100 bar MA on the 4-hour chart at 1.3318 (high reached 1.3315). The Trump tweet on tariffs sent the price back down toward that ubiquitous trend line and stalled.
The price is back above the 200 hour MA at 1.32674 currently but just barely.
London traders are looking to exit and whichever way they push it might impact what goes on into the close.
Move below the 200 hour MA and that trend line at 1.3244 will be targeted. Below that the 100 hour MA at 1.32097.
Stay above and the 50% at 1.32865 and the 100 bar MA on the 4-hour at 1.3318 are the targets.
We can also just waffle around and wait for another week (and see what news might develop over the weekend)