GBPUSD moves back below the 100 hour moving average

The GBPUSD has been waffling above and below its 100 hour moving average of 1.33742 over the last six or so trading hours. The price has also been staying above the swing lows from January 27 and January 28 between 1.3357 and 1.3373 during that time.

However the last few minutes have seen a move lower to a new session low of 1.33489, and in the process has move below that swing area (yellow area). That has tilted the bias more to the downside. Intraday traders will likely start to use the 100 hour moving average at 1.33742 (and high of swing area) as resistance/risk defining level. Stay below keeps the sellers more in control.

Traders will look toward 1.3339 and then 1.33157 as the next downside targets.