GBPUSD trading back below its 100 day moving average

Technical Analysis

Author: Greg Michalowski | gbpusd

Pair is making new session lows

The GBPUSD is trading to a new session lows and in the process has broken back below its 100 day moving average .  

GBPUSD on the hourly chart

The last move below the 100 day moving average earlier today lasted for less than 5 minutes. After a correction back toward the underside of a broken trend line, the downside has been reestablished (see earlier post here). 

The price is now breaking below that 100 day moving average for the 2nd time today and is also making new session lows for the day. The next target comes in at the 1.29202 area. That is home to some swing levels going back to February 6, February 10 and February 11.  A move below that level opens the door for further downside momentum with the 1.28938 level and the low from February 10 at 1.28714 as the next downside targets..
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