Just a tough level
The GBPUSD - like the EURUSD - has moved up to an upside target arae defined by technical tools. For this pair, the 100 hour MA, the 100 bar MA on the 4 hour chart, the 50% and the 200 hour MA (green line) are ALL clustered around the 1.2465-77 area. Key target. The high stalled at 1.2478 (see prior post targeting this level on a break of the 200 bar MA on the 4-hour chart).
We are rotating back below the lower cluster level at 1.2465. That might take more of the upside momentum out of the market now. The 200 bar MA on the 4-hour chart (at 1.24414 and moving higher) is now a target support level below. That MA line was resistance earlier. What was resistance, becomes support after broken. Closer support might be at 1.24535 which is the broken 38.2% level.
Of course a move above the 1.2478 level would be more bullish for the pair. That is the risk for sellers now.
