GBPUSD consolidates and tests the 100 hour MA at 1.3072 area. Key technical barometer.

The GBPUSD has been trading up and down today and consolidated the gains after reaching a high on Friday in the pair near the low of a swing area on the daily chart.

The US session low has so far tested it rising 100-hour moving average of 1.30729. The price of the GBPUSD has not traded below that moving average since July 6. Getting below the 100-hour moving average – and staying below – would increase the bearish bias in the short term at the least.

Absent that, and the buyers are still winning. The sellers are losing.

This article was written by Greg Michalowski at Source