GBPUSD moves up to test the 100 hour MA

The GBPUSD has moved to a new day high and in the process is testing the 100 hour MA at 1.23613. Sellers have leaned on the first look (see blue line) as risk could be defined and limited. On a dip watch the 1.2333 as close support (see red horizontal line). A move below that level would have traders retargeting the 200 hour moving average 1.2311.

Yesterday, the fall to the downside took the price back below its 200 hour moving average (green line), but fell short of the top of a swing area near 1.22477. The low price yesterday reached 1.2262 before bouncing to the upside.