Forex technical analysis: GBPUSD sprints away from the 100 hour MA.

Tests/moves below 200 day MA. Stay below keeps the down trend going.

The GBPUSD tested the 100 hour MA yesterday (see post from yesterday alerting readers to this key test), and held (blue line in the chart below). Today in the Asia-Pacific/early European session, there was one last look (see hourly chart) before the market started to sprint away from this moving average. The pair has been on a downward spiral since that time, falling from a high of 1.5603 to the current part low of 1.54208.

There has been little in the way of a correction since the fall began (see 5 minute chart above).

The last push lower has taken the price below the 200 day moving average at 1.54464. Typically, the price action should stall near or at this key technical level. the trading range for the GBPUSD is up to about 185 pips today. This is above the average. So there may be some two way flows. The buyers will have to show their faces soon though.