Trades above and below the 100 hour MA and 50% retracement
The GBPUSD reached new session lows as NA traders entered, but has seen a modest rebound back above its 100 hour MA and 50% retracement of the move up from last week's low. That area comes in at 1.24668-695.
If the 100 hour MA can now hold support, we could see a wander back higher toward the 1.2480, 1.2490 (broken 38.2%) and the 200 hour MA at 1.24972. Those are targets on the upside if sellers start to cover.
The pair is trying to rebound, but keep in mind that the pair is not out of the bearish woods for the day.
Drilling to the 5 minute chart below, the corrrection of the move down today is only to the 38.2% retracement at 1.24763. The 100 bar MA on that chart (blue line) is at 1.24799. The 50% of the move is at 1.24829. All those levels do need to be broken as a minimum for the buyers to take more control intraday.
