Cable falls to session lows as 100 and 200-hour MAs give way

GBP/USD touching session lows of 1.3365 now

The pair is trading in a rather tight range today still, only 24 pips.

The drop today comes after a rejection of yesterday's high early in the Asian session at 1.3387, but also from the 50.0 retracement level at 1.3384. The pair was held up by the 100 and 200-hour MAs for the majority of the session today, but looks like it has finally given way.

GBP/USD is now testing support at the 38.2 retracement level at 1.3364. A break here would see it test 1.3354 but stronger support is seen at 1.3340.

Same old story for cable over the last week. Good two way action, still.