EURGBP falls below 100 hour MA support
The EURUSD has been the dog in the early hours of trading in the NY session. Since the GDP, the price has moved about 80 pips lower.
The GBPUSD has been moving down as well, but is stalling that fall near the 50% retracement of the corrective move higher (from the January low) at 1.42449, and the 200 hour MA (at 1.42543). The holding of the level.
Helping support the GBPUSD (and pressure the EURUSD) is the EURGBP which just broke below the 100 hour MA at the 0.7608 level.
I can't help but feel the push and pull from month end flows. Looking at the EURGBP chart above that pair has been up and down in trading today. It seems to be fits of flows. The EURUSD has not had much support. Just marches down. The next target is the low from Tuesday at 1.10819. For the GBPUSD, traders will use the aforementioned support at the 50% and the 200 hour MA now that it is holding. The 100 hour MA will be a level to eye above for resistance.
