Forex technical analysis: Blame the EURGBP. It tumbled below 200 day MA

And the low from last week too.

The GBPUSD shot up and moved to test the 200 hour MA line (again - see prior post).

A catalyst for the move? The EURGBP took it's own run (to the downside) and in the process fell below the key 200 day MA AND also the low from last week at 0.8461 and 0.84538 respectively. The fall below the 200 day MA is the first look below that MA since December 2015...yes 2015.

Traders will now be eyeing that MA as risk for shorts. Stay below keeps the sellers more in control. Move above and there will be that hint of a failed break and that can turn the sellers into buyer again. Sellers in control but be aware.