Trades above the 100 hour MA at 1.5726 now. Watching for support against the level now.
The GBPUSD has traded to new high levels for the day and in the process moved away from the 100 hour MA (blue line in the chart below at the 1.5726 level). In trading on Friday, the price moved above this moving average level on 3 separate occasions, and each time the price could not close above. The market will likely use the level as support now (risk defining level). The next key target area comes against the 200 hour MA (green line in the chart below at the 1.5780 level). The 50% of the move down from last weeks high comes in at 1.57783. This is a patient sell area now. Before that is a number of swing highs and lows that come in between 1.5758-68 and they too could cap a move.
Like the EURUSD, the risk from "the "stuff" going on makes trading more of a crap shot, The move above the 100 hour MA should find support buyers against it. If the level can hold on dips (and the price is wandering back down as I type), it would provide traders with a level to lean against and some assurance that the market is paying attention to the technicals. If on a fall, the price moves back below, prepare for continued choppy, wandering markets that are not conducive to risk taking until markets become more normal.
will
