The GBPUSD takes out technical levels but stalls at the 61.8%

The GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term tumbled below the lower channel trendline near the 38.2% retracement of the move up from last week's low at 1.16102. The price also fell below the 100 hour moving average at 1.1588 and the 200 hour moving average at 1.15583. However, the price could not get below was the 61.8% retracement near the 1.15316 level. So there has been some support buying against day technical target

The price rebound has taken the price above the 200 hour moving average but has been able to remain below its 100 hour moving average (blue line in the chart above) keeping the sellers firmly in control.

I would expect that traders would not want to see the price move back above the 100 hour moving average. That would be the best case scenario now. However, it would probably take a move back within the broken channel (above the 38.2% retracement) to give the sellers some concern going forward. Stay below and the sellers remain firm control.