100 hour moving average at 1.34704
The GBPUSD has moved to a new session low after breaking below the 38.2% retracement at 1.34923. The low has reached the 100 hour moving average 1.34704, and found low risk traders who have leaned against the level. The price has bounce back up to 1.34934 currently.
On Brexit, Sky news is reporting that an EU source is saying that the UK and EU are still far apart on fishing, but also on the level playing field, rules of origin, state aid, provisions of internal market. That does not sound too encouraging, but the market is taking the comments in stride.
With the price holding the 100 hour moving average on the 1st look, a move below would have traders looking toward the 50% retracement of the move up this week. That level comes in at 1.34517. It also was a swing low in the New York afternoon session on Wednesday. Move below that and the 200 hour moving average at 1.3400 starts to be eyed.
On the topside, the swing area between 1.35387 and 1.35529 remains a resistance target.
