GBPUSD falls back below the 200 hour MA

Technical Analysis

Author: Greg Michalowski | gbpusd

The 4th look below the 200 hour MA

The GBPUSD has moved lower on the back of the news that Prime Minister Johnson has moved into intensive care as a result of coronavirus.  

The 4th look below the 200 hour MA

The fall to the downside is taken the price back below its 200 hour moving average for the 4th or so time in the last 24 hours. That moving average currently comes in at 1.22759.  Stay below keeps the sellers in control.

On the downside swing lows at 1.22395 and the low from Friday and today at 1.22037 are targets. Break below those levels and it opens up the door for further downside with a swing low from March 27 at 1.2143 and the 38.2% retracement 1.20731 as downside targets.

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