GBP/USD falls to a low of 1.4116 after the US GDP data
The dollar is bid across the board and that is helping to send the pair lower on the day. Cable has been sitting around the 1.4150-60 handle for the most part, but the US GDP data earlier sparked a move in the dollar and it has been falling since.
The pair fell below the 100-hour MA (red line) in European trading but hugged it and tried to get above the level prior the US data release - but ultimately failed.
The key level to watch out for now is the 200-hour MA (blue line) at 1.4096. That is the level which stemmed the bleeding yesterday, in which after we saw a dramatic turnaround for the pair.
If that level gives way, it's a quick way down towards the 1.4000 handle.
Looking at the bigger picture, the downside comes after the pair failed in a bid to retest the year's highs, but a break below the near-term MAs would suggest a further move to the downside.