Forex technical analysis; GBPUSD tests a key cluster of support

Technical Analysis

Author: Greg Michalowski | gbpusd

200 hour MA. Trend line. Swing highs all in the 1.5700-07 area

The GBPUSD is down testing the 200 hour MA (green line in the chart below at 1.5706), trend line support (lows from June 10, June 15), the swing high from May 21, and the 50% of the move up from the beginning of the last swing low from June 15 (at 1.57067).  The cluster of support makes the level a key "line in the sand" for the pair. Stay above and there could be a corrective move toward the 1.5758 and then the 100 hour MA at 1.5837, move below and stops could be triggered with further corrective momentum.




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