Price spikes to 100 hour MA and comes off
The EU-UK Brexit deal is a sub closer as the UK agreed not to include clauses that broke international law from its Internal Market Bill. The withdrawal is a prerequisite to a trade deal, but there is still work to be done.
Nevertheless, the GBPUSD has moved higher on the headline news rising from around 1.3289 up to a high price of 1.33915.
Looking at the hourly chart above, the price rise spiked up to just under the 100 hour moving average at 1.33935. Recall from yesterday, the GBPUSD also stalled just ahead of that moving average level (see blue line in the chart above).
The price has since moved back below the 50% midpoint of the range since Friday at 1.33807 and the 200 hour moving average at 1.33749. Watch the 1.33435 level. That is a 38.2% retracement of the range since Friday. A move below that level would be a modest tilt back to the downside technically.
Drilling to the 5 minutes chart, 200 and 100 bar moving averages come in at 1.33494 and 1.33420. Those moving averages bookend the 30.2% retracement from the hourly chart (at 1.33435).
