Price mostly below the 100 hour MA in trading today
The GBPUSD has chopped lower in trading today. In the process, the price has stayed mostly below its 100 hour moving average (blue line in the chart below). That moving average currently comes in at 1.36143.
The pair has now moved to a new session low at 1.3536. That is just above the low price from yesterday (and the week) at 1.35347.
Although sellers are taking a bit more control, the correction off of the high reached on Monday, has been relatively modest with the pair still remaining above the 38.2% retracement of the move up from the December 21 low. That level comes in at 1.35057. It would take a move below that level (and 1.3500), to increase the bearish bias.
Should the support hold here, getting back above the 200 hour moving average 1.35806 would disappoint the bears. The price has traded above and below the 200 hour moving average in trading today. Extending back above that level, after cracking to new lows, would take some of the bearishness at of the price action seen more recently today.
