100 hour MA and 100 day MA loom below
The GBPUSD is moving to new session lows. Ranges are still very contained but there has been some added momentum to the downside.
Technically the pair is approaching the 100 hour MA at the 1.25377 level. Below that is the 100 day MA at the 1.25149. That 100 day MA was broken on Wednesday for the first time since Brexit day back on June 24.
On the topside, the high price in trading yesterday stalled against the high from November (see daily chart).
So there is a trading battle going on between the sellers against the November high, and the buyers down below against the 100 hour MA and 100 day MA.
Staying above the 100 day MA is essential if the buyers are to remain in control. A move below that MA line would/should lead to further downside momentum.
