It did fall below on the better headline but rebounded
The GBPUSD - like the other currency pairs - fell on the better jobs but snap backed higher after the earnings effect kicked in (seconds later). The 100 day MA comes in at 1.2470 area. The low reached 1.2456 on the quick tumble.
The pair trades between the 100 day MA below at 1.24706, and the 100 and 200 hour MAs above at 1.2560. Both MA are within a pip of each other which implies the up and down market over the last 10 days.
The range over those days comes in between 1.2411 and 1.2703. The midpoint of that range? 1.25586 - right near the hourly MA levels.
Stay below those MAa and that 50% and the bias is more bearish. That is now strong resistance/risk defining line in the sand for the shorts. Patient sellers should keep a lid on any rally higher. We will still need to get below that 100 day MA and stay below to go target the low extreme.
Levels before that level that may stall a rally?
1.2510 - lows from Asian Pacific trading
1.2525 - Close from yesterday.
1.2537 - High today.
PS the 100 bar MA on the 4-hour chart is at 1.24188 which is near the low extreme at 1.2411.
