New highs, rejected….Ping pongs between 100 and 200 hour MAs
The GBPUSD traded at the highs for the day at the 1.3031 level – taking out the London morning session high at 1.3030 in the process. A break to new highs that creates a 1 pip extension is not exactly what traders who are long look for. As a result, the price has retraced back down to the 1.2998 level in fairly short order.