The GBPUSD has remained supported near the 100 and 200 hour MAs in quiet trading for the pair. The 200 hour MA comes in at 1.51539 currently. The low for the day bounced off that level in earlier trading today. A move below would be more negative for the pair from a technical perspective.
If the price level should be broken the next target would come in at 1.5121.This is trend line support connecting recent lows. Overall, the pair remains within a trading range over the last 9 trading days. The midpoint of the range comes in at 1.5153 – around current levels for the pair and the 200 hour MA as well.
GBPUSD on the hourly chart show support against the 200 hour MA.
Of course the GBPCHF has been a big mover, but the action has been from the movement from the USDCHF fall, not the action in the GBPUSD. The GBPUSD range over the last two days is about 119 pips. While the GBPCHF moved from 1.5547 to a low of 1.1729 (3818 pips). The current price is 1.3143 which still represents a 15% decline in the currency pair and a lot of pips.
