The GBPUSD has reached it's a key target against the near converged 100/200 day moving averages. It is rare that those two moving averages converge along with the price on the daily chart. I call the situation "Three is a crowd".
The level comes in near 1.1930. The low price just reached 1.1927 just below the level and is finding some minor stall so far.
This level is important for both the buyers and sellers. It will be a key barometer going forward.
Typically risk focus buyers will look to lean against level on the first test and give a few pips to the downside below the level.
On more momentum to the downside, however buyers will turn to sellers and should accelerate the decline. Getting below the low price from earlier this month at 1.1914 would open the door toward the swing low from January at 1.1840.
The terminal rate for the Fed funds is it now near 5.41%. That is up from about 5.34%
