Finding some buyers on the first look
The GBPUSD wandered below a lower channel trendline (waffled above and below the level today), and has now dipped to new session lows and a test of the 100 hour MA (currently at at 1.28934, was at 1.2889 last hour). The low just reached 1.2888.
Buyers leaned against the moving average on the 1st test and we are seeing a modest bounce. It will take a move below that moving average to tilt the bias more to the downside.
A move below will target the early sessoin low from yesterday at 1.28727. Below that the low from Friday comes in at 1.2838.
The stronger support will be down at the 200 hour MA at 1.27349, the 200 day MA at 1.27122 and the 38.2% retracement at 1.26995 (call it 1.2700).
If the support at the 100 hour MA holds, the high from last week and again today came in at 1.29867. That level, and the highs from yesterday at 1.30116 will be hurdles to the upside. Move above and the road to the upside opens up for the GBPUSD buyers/bulls. Him
Of course the situation is very fluid with regard to the legislative permutations ahead (including a potential election). So traders risk is elevated. At any time a headline or two could send the GBPUSD moving. Use the levels to help the trading roadmap should you decide to take on the risk.
