Forex technical analysis: GBPUSD falling as London/Europe head toward the close

Momentum slows above 100 hour MA and traders exit

The GBPUSD moved above the 100 hour MA (blue line in the chart below at 1.5609), but momentum faded and the fall back below the 100 hour MA has solicited some selling as traders in London and Europe work toward the close for the day.

Looking at the 5 minute chart, the market seems to be reacting to moves above and below the 100 hour MA (see overlay blue line). The price earlier in the day held support against the line. When it broke below, there was momentum lower. On the break back above in the NY session, traders tried to hold the level on corrections (even as momentum was slow).

Now with the price below, I have to expect that traders will use the level to define and limit risk.