GBPUSD gives up more than 50% of the Carney/BOE gains

200 hour MA held. JPY crosses getting whacked.

The GBPUSD has now taken back more that 50% of the Carney/BOE gains. The midpoint of the day comes in at 1.3956.

The high for the day did find technical sellers against the 200 hour MA at 1.4071 area (green line in the chart above). I expected that area to stall, but did not expect the reversal.

However,

• The fall back below the 1.4004-11 was more bearish.
• Falling below the 100 hour MA and the 38.2% at 1.3892 area was more bearish.
• The 50% was next to be broken at 1.39563

Now the 1.3938 swing level (see red circles) is the next hurdle on the downside.

The market can whip back around but from this view, it would need a move back above the 100 hour MA at 1.3892. Then a move back above the 1.4004-11 area. Absent that, the buyers are not really in control.