Retests the 50% retracement.
The GBPUSD tested its 100 hour moving average in yesterday's trade and into the Asian session today (blue line). However, the moving average was broken and that helped to tilt the bias more to the downside.
The low today reached to and through the 200 hour moving average at 1.30644 currently (green line in the chart above), but could not preach the 61.8% retracement of the move up from the December 24 low at 1.30508.
The last 4 hours has been able to stay above the 200 hour moving average and we are currently trying to move further away from that moving average line. The pair is currently testing the 50% retracement of the same move higher at the 1.30952 level. Getting above it, and the 1.3100 natural resistance area, should give the buyers more confidence with the 100 hour moving average up at 1.3144 as a target over time (if the momentum can continue above the 50% and the 200 hour MA).
