GBP/USD Edges Higher but Remains Below 1.3400, 200-Day EMA Caps Gains
GBP/USD traded near 1.3400 on Wednesday, rising about 0.25%, but continues to face resistance at the 200-day exponential moving average, which has repelled advances since mid-June.
GBPUSD
The British pound edged higher on Wednesday, with GBP/USD trading just below 1.3400, up roughly a quarter of a percent.
However, the pair remains capped by the 200-day exponential moving average (EMA), a key technical level that has repeatedly repelled advances since the recovery from mid-June lows. The 200-day EMA continues to act as a ceiling, keeping the pair stuck in a familiar trading trap.
Traders are watching for a decisive break above or below this level to determine the next directional move for the sterling.
Source: FXStreet Forex News