Below 50% midpoint of the corrective move
The GBPUSD has extended to new trading lows for the day and approaches the key 100 day MA at the 1.5163 area. The price moved above this MA line back on April 27th, traded below and closed below on May 1 and May 4, and has been above it since that time.
Although the low has so far been able to hold above that key MA line (blue line in the chart below), the price is below the 50% of the move up from the April low. That level comes in at the 1.51913 level.
If the 100 day MA holds, a move above the 50% will be eyed as confirmation a low is in place.
NOTE: For those with a different (i.e. higher MA), the 100 day MA does not include closes from Sunday trading. Some systems will include the few hours of trading as a close and therefore, have a 6 day trading week. This is not standard.
Bloomberg shows the 100 day MA at the 1.5166 not far from the MA I am showing. The difference is slippage on the closing prices. My charts are also off the bid side.
