100 hour moving average at 1.3123
The GBPUSD is trading to a new session low and in the process is testing its 100 hour moving average at 1.3123. A move below that level would look toward the 50% retracement area at 1.30952.
The pair in the NY session saw the price move below a trendline and test the 38.2% retracement, before rebounding back toward the Asian session low and the natural resistance at 1.3200 (the NY high reached 1.3194). The fall back lower and test of the 100 hour MA, will test the buyers strength.
If the pair can stall the fall here, and move back above the broken trend line at 1.31588 currently, the correction may have rights course. If the moving average line was broken, the pair is likely to probe the downside more.
