Bottom fishers try to exert a change in direction
The GBPUSD traded most of the day below the lows from the pre-FOMC and the low from Tuesday’s trading (at 1.52755 and 1.5282). The 38.2% retracement at 1.5282 also was a ceiling. That neutral zone (yellow area) was breached in NY trading and a move to the 100 hour MA (blue line) ensued. Like yesterday, sellers leaned against the area and the price moved back down. Where to? The neutral zone (yellow area) of course.