Price cracks back below its 100 day moving average, 200 hour moving average and now 100 hour MA

The GBPUSD in the London morning session cracked below its 100 day moving average and 200 hour moving average near 1.3778 area and move down to test its 100 hour moving average 1.37659.

Price cracks back below its 100 day moving average, 200 hour moving average and now 100 hour MA

The pair found support near its 100 hour moving average (blue line) on the first look and rebounded back toward the highs.

However, the early US session has seen a rotation back to the downside with the full cluster of moving averages (including the lower 100 hour MA - blue line) being broken. Sellers are making a play. They are in control.

Traders will now use the moving averages as resistance as the technical bias has shifted back toward the downside.

Overall, the USD is trending higher in US trading. The greenback is now the strongest of the major currencies.

US dollar is the strongest

The US yields are higher across the board.

US yields

Meanwhile, US stocks are moving lower with Amazon shares in pre-market trading now down -4.4% (-$151 on the day).

  • S&P -28 points
  • Dow -93 points
  • Nasdaq is down -142 points