The GBPUSD is trading in an up and down range today.
The initial move took the price up to test the 100 hour MA and 50% of the 2022 trading range between 1.3549 to 1.3552. Resistance held.
The move back to the downside, took the price to the 200 hour MA at 1.34896 and found support buyers.
So the bookends have been defined to start the week with the 100 hour MA/50% above and the 200 hour MA below. In between sits the 100 day MA at 1.35066. That level held support on Friday (give or take a few pips). Today, the price has traded above and below the level as the lower 200 hour MA was tested and held support instead.
The fundamental backstory had the pair move to a new 10 day high after the BOE raised rates by 25 bps (with dissenters looking for 50 bps) on Thursday. That high took the price above a swing area and 61.8% at 1.3587 to 1.36026.
However, the high fell well short of the highs for 2022 at 1.37479 and more recent lower highs at 1.3662 and 1.3688.
