Back below the 100 hour MA and the high from yesterday
The dust from the barrage of headlines from PM Mays new Brexit deal overtures.
There is no new referendum vote per se, which helped to push the GBPUSD sharply higher before the speech. That run higher took the pair toward the 38.2% of the move down from the May 13 high at 1.28204. THe high reached 1.2813 today, but is back down now and trading at 1.2745 area.
The GBPUSD is still up on the day - the close was at 1.2722 - but now well off the highs as well. The 50% of the day's trading range is at 1.27487. We just moved below that midpoint level and an earlier high was at 1.2744 (we are now below that level -see red circles on the chart below)).
Overall, the buyers had their shot at going higher but that run has been thwarted and things are not looking so great technically at the moment. The 100 hour MA at 1.27689 is a risk/bias barometer.
ON the downside, the market might eye the close area, as a target and potential stall point. The markets can get hung up on closing higher or lower. A break into the red would not look good.
