Approached the 38.2% of the spike higher

The GBPUSD spiked higher from the 1.2788 level to a high of 1.2896. The catalyst was the Brexit Party leader Nigel Farage's declaration that his party would stand down in seats that the Tories held.

Approached the 38.2% of the spike higher

The price has been wandering lower and in the process has traded most of the NY session below the 200 hour MA at 1.2879 (see earlier post on the GBPUSD).

The pair is now approaching the 38.2% of the move higher at 1.28547. Below that is the rising 100 bar MA on the 5-minute chart at 1.2846 and the 100 hour MA at 1.28384. Each would need to be broken to take more of the "bull" away from the run higher today.