The 200 hour moving average and 61.8% retracement at 129.063
The GBPUSD fall continues after breaking below its 100 day moving average and 100 hour moving average at 1.2986-94 area.
The fall has now taken the price to another dual support area defined by the 200 hour moving average and 61.8% retracement of the move up from the February 28 low. That level comes in at 1.29063. The GBPUSD just traded to 1.29124, and is seeing a bounce ahead of that level...
The GBPUSD has a range of about 216 pips and traded down -203 pips on the lows. The intraday support levels held briefly before breaking. Traders who bought at the levels, gave up and sold on the breaks. Has the price gone enough? The risk level at the 200 hour MA and 61.8% define the risk.
