Below the 100 bar MA on the 4-hour chart
The GBPUSD is trading at new day lows and in the process is trading below the 100 bar MA on the 4 hour chart at the 1.3310 level. The high earlier today took at the high from yesterday but could not muster any momentum on the break.. The better data is helping the US dollar and with uncertainly from Brexit ahead you would think that the GBPUSD would feel some addition pressure.
The 38.2% of the move up from the low this week comes in at 1.3238. The 100 bar MA on the hourly chart come in at 1.3211. Can we head down there? Yes.
Now that is still a little ways away. Looking at the 5 minute chart, the pair is testing the 50% of the the move up from yesterday's low That comes in at 1.3290. A low and high from yesterday's trade was around 1.3276 area. Those are the next closest targets for the pair on the downside (see chart below). A move below those levels will open the door for further declines.
