Forex technical analysis: GBPUSD buying stalls. Battle begins.

Some observations....

Admittedly, summer time markets can do anything (right Mr. Gekko?) and in the NY session the dollar started to get hit. It seemed to start with the EURUSD, then the AUDUSD got involved. The USDJPY, USDCAD and even the GBPUSD got involved in the dollar selling.  

Now we are seeing a stall in the GBPUSD. What are the technicals telling us?

In the earlier post, I commented on trend line support and how traders were leaning.  There was a retest of that line and once again, the level held support.  That started a move higher in the pair.  Traders were indeed leaning and other buyers joined in.

The price move higher gave buyers the needed confidence boosts with a move above the 100 bar MA on the 5-minute chart and the 200 bar MA on the same chart (blue and green lines in the chart below).

Over the last hour, that break higher is being tested.  The price moved back down to test the 100 bar MA at the 1.29809 level and is finding some support, but the 200 bar MA and the trend line on the same chart is stalling. 

So it seems traders are being a little cautious and a battle is going on.  Sellers can point to the failure on the break above the MAs. Buyers can argue that the trend line on the 4-hour held on a number of different tests. Each one held support. The move above the 100 and 200 bar MAs are indicative of a shift back to buying.

What do you think? 100 bar MA hold support or trend line/200 bar MA hold resistance?