GBPUSD price still below 200 hour moving average

The GBPUSD has been trending to the downside and in the early New York session tested the cluster of support defined by the 100 hour moving average (blue line), the 38.2% retracement and the 200 hour moving average (green line).

GBPUSD price still below 200 hour moving average_

Traders the price back below the 200 hour moving average and the range was extended down to the 50% midpoint of the week's trading range 1.35795. There have been some support buying against the midpoint level. The battle is now between the 200 hour moving average at 1.36016 and the 50% retracement 1.35795.

Drilling to the 5 minutes chart, the most recent run lower has accelerated the downside. The pair is below a pretty steep trend line at 1.35928. Getting back above that trend line and then the 200 hour moving average is the minimum for the dip buyers.

GBPUSD on the 5 minutes chart