The underside of the broken trend line
The GBPUSD cracked the 100 day MA, but it was only for less than 5 minutes. The price has bounced.
The pair has also moved briefly above a broken trend line at the 1.2949 level. The corrective high just reached 1.2953.
However, understand that these moves and technical levels are more of the "in the area". That is you need to give some room. Having said that, you don't want to see 1.2960 and above trading (and stronger bears may use the 200 hour MA and 50% at 1.29702-777 as risk now), but given the 100 pip move lower from the London session high, and the unsuccessful break of the 100 day MA, you have to expect some shorts getting squeezed a bit. It may also lead to dip buyers.
SUMMARY: The 100 day moving average was a key target. It was reached and broken. It failed. The pair sits between the break level from earlier today below the 50% and 200 hour MAs and that support target at the 100 day moving average. In between is the broken trend line. The battle is now on.
