One close above MA level
The GBPUSD moved back below the 100 week MA at 1.3172 today after a close above the MA last week. The fall back below disappoints the technical buyers. We currently trade at 1.3154, not far off the day lows at 1.3138.
Looking at the hourly chart, the price has moved down toward the lower trend line on the hourly chart at the 1.3128. The low for the day has reached 1.3138. Traders who like the GBPUSD, might look to lean today with stops below. So far the level is holding with the price trading above 1.3150.
The disappointment from the failure above the 100 week MA should keep a lid on the pair. On the downside, there is a target to get below. As I type, we are seeing more of a bid toward that 1.3172 level. We will see if the sellers keep that lid on the pair.
