Forex technical analysis: GBPUSD stalls fall after testing the next target area.
Low target tested.
The GBPUSD fell below the 200 and 100 hour MAs earlier. That was the trigger to take the pair lower from a technical perspective.
At the time, the range for the day was only about 57 pips. The range is now closer to 100 pips on the day (97 to be exact). That is more normal. Moreover, the pair has support to deal with at at the lows.
So shorts from above, may look to take some profit. Dip buyers have a level to lean against. If it holds, there will be resistance at 1.38459 level (the 38.2%. The 100 and 200 hour MAs at 1.38535 will be a hard line in the sand.
If the price starts to take out the 1.3812-15 area, the dip buyers (and profit takers) should give up on the position and sell out (and potentially outright go short too). The 1.3795-1.3800 will be targeted next.