Follows the dollars move higher
The GBPUSD is following the dollars move higher and tests the 200 hour MA at 1.25237. In addition to the 200 hour MA, the 50% of the move down from the Feb 2 high comes in at 1.25258. Key level to get and stay below.
The price is just now trading below those levels (low 1.2519) but rebounding a little. ON the move lower, the pair moved back below the 1.2543-485 (see red circles). That is once again resistance, now that that break from earlier today failed. Shorts do not want to see the price move back above that area now.
On a move lower, there still is a some support that needs to be broken. Specifically, the 100 hour MA and the 100 bar MA on the 4-hour chart at 1.2487-937 area need to be breached. A break of that area would increase the downside momentum.. The low today reached 1.24959 in the Asian Pacific session.