Technical Analysis

GBPUSD inches toward low from last week, and away from 100 day MA above

1.2853 was the low from Thursday

The GBPUSD is making a break to the downside.  Earlier, I wrote how the pair was testing the 100 day MA and 200 bar MA on the 4-hour chart at 1.28909 and 1.28833 respectively, with a narrow trading range. 

Now, the range for the day has been extended AND the price is moving away from those key MAs.  Stay below, keeps the sellers in control. Move above and we could/should see some of the sellers taking profit. PS the 100 hour MA remains another ceiling that would need to be broken for the bulls to take more control.

So bears remain in control.  The next target is the low from last week at 1.28531. A move below it will look toward the 50% of the move up from the Jan 2019 low at 1.28346.

ForexLive

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