Falls below technical levels and sellers push lower
The GBPUSD has moved to new session lows, kickstarted by moves below the 1.4000 area and also the 100 hour MA (blue line in the chart above) at 1.3999 level. The pair also moved back below the pre_Brexit swing lows that came in at 1.4004 and 1.4011 respectively.
The 100 hour MA in the chart above had stalled the fall in the early London session, and also tried to stall the fall in the last hourly bar (see chart above). The technical break turned the intraday bias more negative.
The 50% of the move up from the Feb 9 low comes in at 1.39539. That level, and the 200 hour MA (green line in the chart above) are the next support targets. I would expect buyers on a dip toward the 200 hour MA (at least initially on profit taking), with stops if the price decline continues to strengthen.
