Longs in GBP getting squeezed.
The GBPUSD buyers are getting squeezed. After breaking below the 200 hour moving average, the price moved to the 38.2% retracement and bounced. However the 200 hour moving average did hold resistance and the price has since rotated below the 30.2% retracement at 1.30727 and to a new session low at 1.3049.
The range for the day has now reached 179 pips. That's well above the 78 pip average over the last 22 trading days.
The risks from the election are still real, but until then, traders can still feel the pain of the pretty decent moves in the GBPUSD.
The EURGBP is also moving higher and testing its 100 bar moving average on the 4 hour chart at the 0.85026 level.
The GBPJPY moved lower as well but remains in the days trading range. The 200 hour moving average for the GBJPY comes in at 142.516. The low from earlier in the day bounced off of that moving average. The last the dip stalled at 142.635.
