GBPUSD breaks below its 100 hour moving average and trades to new lows

Technical Analysis

Author: Greg Michalowski | gbpusd

100 hour moving average at 1.3167

The GBPUSD took the clues from the technicals after early support near the 38.2% retracement held and the price rebounded back above its 200 hour moving average at 1.38515 (green line - see earlier post here).

100 hour moving average at 1.3167_

The price moved back below its 200 hour moving average, and then the swing area/38.2% retracement near 1.3828 to 138334.  

That move has now continued with the break of the 100 hour moving average at 1.38167.  Recall from yesterday's trade, that moving average held support before moving higher. Traders will now eye that MA as close resistance. 

On the downside the 1.3786 to 1.37976 is the next support target to get to and through.  Below that, and traders will be looking toward the lows from last week.   

Invest in yourself. See our forex education hub.
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose