The 100 hour MA and underside of broken trend line is trying to put a lid on the pair
The GBPUSD traders have taken the price lower in trading today as the election process is officially underway in the UK.
The wander lower has seen the price crack below the 100 hour moving average at 1.29152 (currently), and a trend line running up from the October 14 low (and connecting with lows from October 29 and October 30). That trend line is a little higher at 1.2919 currently.
Traders have taken the price off the low for the day near the 50% of the range since October 17 at 1.28997 (call it 1.2900), and the modest rebound, now has the pair retesting that 100 hour MA and underside of the broken trend line. The price has taken a peak above the higher trend line, but only by a pip. Sellers seem to be trying to lean against the level.
The good news for the sellers is that the price is not running higher. The not so good news would happen if the pair's price does start to trade above that area.
WIth the price currently at 1.2916, the sellers are trying to put on lid on the pair but it has gotta stay below the 1.2919 area. If it can hold, the 1.2900 level would need to be broken and stay broken to solcit more downside momentum
