GBPUSD tests 200 hour MA/trend line

GBPUSD tests 200 hour MA/trend line

Key support target for the pair


The GBPUSD is down testing the 200 hour MA and trend line support at the 1.40913. 

Key dual technical level for the pair.  A break will look toward the 38.2% and swing area at 1.4066.  That was near the low yesterday.

The pair ran away from the 100 hour MA a 1.41597 (blue line in the chart above)

Drilling to the 5-minute chart below, the pair’s bounce off the 200 hour MA is modest so far.  If there is a bigger correction, watch the 38.2-50% of the last leg lower for signs of more selling. Stay below and the bears remain in full control. Move above and the bearish waters are more muddy (i.e. not so bearish).  

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.