Breaking below Fib level. Moves further away from 200 day MA/100 bar MA on 4-hour chart
The GBPUSD is trading to a new session low, helped by a break and run higher in the EURGBP (the tail is waggin the dog a bit today as the EURUSD is moving higher).
The run lower in the pair is moving away from the 200 day MA (after a number of hours where the price trading above and below in a narrow range). The 200 day MA is at 1.30387.
The price also cracked below the 100 bar MA on the 4-hour chart at 1.30047. For shorts from above that MA line is a risk level. Stay below is more bearish.
More recently, the pair fell below the 61.8% of the move up from the Jan 21 swing low at 1.29774.
The range for the day is up to 89 pips. The average over the last 22 days is about 110. There is some room to roam, but pips will be harder. The 1.2941 is the next target. That was the low from Jan 23.