Can the momentum continue?
As per the earlier post, the GBPUSD earlier in the NY session moved higher and in the process, retested its 100 hour moving average and underside of the broken trend line at 1.2919 (see post here).
The traders tried to keep the lid on the pair there, and were successful.
The price has since rotated back lower. The current bar has just cracked below its 200 hour moving average at 1.2886, and is testing the 50% retracement at 1.2881. Stay below the 200 hour moving average now would keep those sellers firmly in control now and have traders looking toward 1.2859 and then the swing low levels from last week (at 1.2844 and 1.2806).
