Forex technical analysis: GBPUSD cracks 100 bar MA on the 4-hour

Technical Analysis

Author: Greg Michalowski | gbpusd

Risk level for the longs

The price of the GBPUSD stalled at the low today against a lower trend line. Bullish (see green circle 6).

The price moved above the 100 hour MA off that low (blue line) and extended above a topside trend line (see red circles).

In the NY session, the market did an ok job at finding buyers near the underside of that broken trend line (red circle 3 and 4).  

In the last hour or so, the price has moved above the 100 bar MA on the 4-hour chart at 1.3899 (call it 1.3900).  That MA is now a close risk level for buyers/longs. The underside of the broken trend line is another risk level now.  

The high last week reached 1.39295. That was just short of the 61.8% of the move down from Feb 26th at 1.39328.  That area is the next target. Look for sellers near the level.