EURGBP exerting an influence
The GBPUSD moved back below the 100 day MA at the 1.2470 level. The low just reached 1.2457. This was just short of the reactionary low after the payroll number at 1.24558. Is the market playing with us? Is it just happy trading above and below the 100 day MA for a while? It seems that way as the price has snapped back higher and trades but up toward the 1.2500 level again. The price of the GBPUSD has been below the 100 day MA on 4 separate hourly bars today (the last 3 hourly bars) and each move below, failed. That is not encouraging for the sellers. The rallies off the fails have been quick but contained.