Also back below 200 hour MA
The GBPUSD has moved to new North American session lows and falls back below the 1.5500 level in the process. The 38.2% of the move up from the July 8th low comes in at 1.5489. That is the next target to get below and through. Below that and the 1.5458 midpoint, and the 100 hour MA at the 1.5435 and 100 day MA at 1.5431 make up a key cluster of support.
The GBPUSD fall lower has lagged the fall in the EURUSD (EURGBP is down sharply). However, the fall in the EURGBP has slowed over the last few hours. If the EURUSD can get below the 1.1000 level, it should help to drag the GBPUSD down with it (or is it the GBPUSD that will drag the EURUSD lower?). For traders in the pair, stay below the 200 hour MA at 1.5512, and shorts will remain in control.
