50% retracement is support
The GBPUSD is tracking below trend line resistance and also spending most of the London session below its 200 hour MA above at 1.24825. There was a spike high in the London session that extended above that MA, but the hourly bar closed below, and the price has since moved lower.
The move to the downside has been limited, however, by the 50% retracement at 1.24042. The lows from Thursday and Friday bottomed just above that retracement level and bounced each day. The low today reached 1.24156. The price currently trades at 1.2435. That level was another swing low from last week (on Wednesday).
Drilling to the 5 minute char, the NY session low did stall at a lower trend line and bounced. The pair is moving up to the 100 bar MA and 50% of the last intraday move down at 1.2450-53 area. Move above intraday, and stay above, and the buyers are more in control, and they have an intraday "win" under their belt.
