The GBPUSD is trading to a new session low, and in the process is testing the key 100-day moving average and 100-bar moving average on the 4-hour chart (it is dipping below the level now).
A break below the level would tilt the technical bias more to the downside, with the low price from Tuesday at 1.27048 and the low price from Monday near 1.2686 as the next key targets.
Recall from Monday’s trading, the low price stalled just ahead of a swing area between 1.26748 and 1.26858. That area has been a floor going back to mid-May. The buying against the level on Monday started the rotation higher this week.
This article was written by Greg Michalowski at www.forexlive.com.
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