Traders trying to keep below the MA level
The GBPUSD is trading back below its 100 day moving average at 1.38074. The move below the moving average has seen the price moved down toward 1.3790. That is the low of a swing area between 1.3790 and 1.3800 going back to the first half of September (see red numbered circles). A move below that level would have traders looking toward the high from Friday at 1.3772.
Conversely, if the buyers are able to extend back above the 100 day moving average (the last two hourly bars have stayed below that MA level), the sellers may give up and look to take the price back to the highs for the day and toward the 200 day moving average at 1.38439.
