Dollar pushes higher
The GBPUSD has fallen to a new day low. In the process, traders sites are looking toward the rising 100 hour MA at 1.31805. The GBPUSD has been supported recently by hopes of a Brexit deal. The Covid news has also helped send the flow of funds into the beaten down countries from an investment shift.
Today, however, the flow is moving out of the pair but not until after running higher and failing.
Looking at the daily chart above, the pair reached above the 1.3300 level to a high of 1.33094. That took the price to the highest level since September 4th and above a swing area between 1.3266 to 1.32833. However, that break failed and the price started to move lower.
Drilling to the hourly chart below, the price fall back below a trend line at 1.3253 and has been able to stay below that broken trend line. The pair is dipping below a swing area at 1.3208 to 1.32136 (high from Monday and swing low from Tuesday). The rising 100 hour MA is the next major target at 1.31805 (and moving higher).
Profit taking. Selling on failure. Retracing. All are in play, but with the rising 100 hour MA catching up to the price, there is a key support hurdle that looms on the downside. Ultimately, that would need to be broken if the sellers are to take more control.
