100 hour MA and 38.2% tested
The GBPUSD has moved down to retest its 100 hour moving average and 38.2% retracement near 1.3745. Yesterday, the price stalled against that moving average line and bounced.
Today, just before the dollar buying into the London fix, the price cracked above the 200 day moving average at 1.38021, but then reversed lower (dollar buying).
Sellers and buyers are now battling it out at the technical level. A move below will look toward the 200 hour moving average 1.37119. Holding the 100 hour MA now, and the pair remains between support at the 100 hour MA (blue line), and resistance at the swing area and 200 day moving average (yellow area above).
This article was originally published by Forexlive.com. Read the original article here.