Back in volume area from end of July/beginning of August
The GBPUSD has been muddling along in trading today – finding support buyers against support and resistance sellers against resistance (that is a bit redundant isn’t it?). The support I speak of comes near swing low levels that provided a floor from July 30-August 4. The resistance came against a topside trend line connecting recent highs on the hourly chart (see chart below). Looking at the chart there are a number of green (for up) and red (for down) bars. The close yesterday came in at 1.5589. So with the price below that level currently that is a little negative. Arguing the bullish case, we have not had a close below the 200 hour MA ( green line in the chart below at 1.5571 currently) over the last 7 hours.