GBPUSD moves to the 100 hour MA as Brexit discontent at home weighs

Technical Analysis

Author: Greg Michalowski | gbpusd

It is alway something

The GBPUSD has moved to test the 100 hour MA.  There is reports of cabinet departures that are muddying the Brexit waters.  It is always something. So let the price action and techncals help tell the story.

The price stalled near the 100 (and 200) hour MA on Tuesday. The rally brings that 100 hour MA higher. We are now testing it at 1.31607.   Do the buyers come in against the level? or is the Brexit uncertainty going to break the MA line and move toward the lower trend line and 38.2% retracement at 1.3129 area? Decision time.  

For shorts looking for more, close risk is the 1.3185. 

UPDATE: we just broke the MA level. Sellers are making more of a play and will look toward the 1.3129 area now.   Risk for shorts, remains at 1.3180-85. IF the sellers are to keep control, staying below that area will be eyed. 

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