The low for the day is at 1.11896. The 100 hour MA is at 1.22853
The GBPUSD has moved down to test the low for the day. That move has nearly completed the up and down lap that saw the price move up 1.23932 at the high (new high for the week and highest level since May 11). Since the peak, however, the price has stepped steadily lower.
What next?
The low for the day and the rising 100 hour moving average at 1.22853 is giving the sellers cause for pause as the day works toward the close for the week. Stay above those levels if the buyers in the game and in control. Move below and the sellers from above get more confidence with the 200 hour moving average (green line in the chart above at 1.22514 as the next target.
