Scraps across the MA level
The price of GBPUSD has joined the downward move and in the process, has moved down to test the rising 100 hour MA at 1.40548. The price decline has stalled at the level. It will take a move below to increase the bearish bias The 38.2% of the move up from the May low (on May 3) comes in at 1.40262. That would be the next target on a break.
Should support hold here, the 1.40792 low from the initial move lower, followed by the swing area at 1.4102 to 1.41064 would be resistance targets.
Recall the price moved higher on Friday on the USD selling after the weaker than expected jobs report. That move to the upside was given another boost as thoughts were that a Scottish referendum would be delayed. Yesterday the price waffled. Today, the higher CPI led to volatility but then led to a higher USD.
