GBPUSD keeps the lid on against the 100 hour MA ...Middle East

Since then, the pair has moved lower and broke below both the 100- and 200-hour moving averages (blue and green lines on the chart above) on Wednesday. The 100-hour MA capped Wednesday’s corrective rebound keeping the sellers in control in the short term. On Thursday and again today, the lower 200-hour MA (green line) has contained upside attempts, reinforcing resistance.

It would take a move below that level to open the door toward the low from last week and 1.3232. Below that a swing level at 1.3201 – 1.3206 would be targeted.

Sellers are more in control with the corrective highs this week stalling below the hourly moving average levels.

Resistance:

100-hour MA (~1.3352)

Support:

1.3232 (last week’s low)

1.31603 (38.2% retracement)

This article was written by Greg Michalowski at www.forexlive.com.

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