February 8, 2023

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GBPUSD defines range between trend lines on the hourly chart

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GBPUSD above 100/200 hour MAs between trend line levels

The GBPUSD fell early in the London morning session, but did find support buying near a lower trendline. The move higher was held by better retail data out of the UK today off of some reopening. The lower trendline off the hourly chart comes in a 1.3860. 

GBPUSD above 100/200 hour MAs between trend line levels

The run to the upside its way back above its 100 and 200 hour moving averages at 1.38894 and 1.38835 respectively. The move to the upside stalled just ahead of a declining trendline on the topside currently at 1.39175.  The high price for the day reached 1.39168.

Those levels – the lower trend line, the upper trend line and the 2 moving averages between – help to define the bias as traders struggle with up or down in the pair.  Right now, the stalling at the top trend line and the lower trend line, help define the boundaries for a reason. That reason is the traders are not sure.  However, we hope that on a break, “the market” will know and trend the market in the direction of the break.  

“The market” will make up its mind and move away at some point.  Be aware. 

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