GBP/USD falls under its 100-hour moving average, extends to the downside
The dollar is keeping slightly higher on the session currently, and that is pushing cable lower as we see sellers seize back near-term control of the pair.
The move to the downside saw price fall below 1.2400 and more importantly the 100-hour MA (red line) and that means sellers have now established a more bearish bias again.
The topside move at the end of last week stalled at the 50.0 retracement level before falling back under the 200-hour MA (blue line) as sellers leaned on the confluence of those resistance levels to 'stay in the game'.
And right now, price action is siding with them as we see cable ease lower to session lows of 1.2361 on the day. The risk for sellers can clearly be defined by the 100-hour MA and the 1.2400 handle for now.
But any further downside extension needs to break minor support around 1.2355-60 first before potentially revisiting last week's low of 1.2266 next.
