The GBPUSD moved to a new high as London/European traders headed for the exits, BUT the pair did find willing sellers against the 100 hour MA at 1.15944 (currently). The pair also stayed below a swing area between 1.1598 to 1.16205. I outlined that level in the morning forex video (click on the video below).
That hold at resistance, keeps the seller in play and probably in more control. However, sellers would be more comfortable if the price can get and stay below the lower 200 hour MA at 1.15545 (green line). A move below that level would have traders looking back toward the 61.8 of the move up from last week's low at 1.15316. Below that and the 1.1495 area will be the next key target.
Buyers took their shot. They were thwarted by the 100 hour MA above. Now the sellers have another shot. Can they get and stay below the lower 200 hour MA? That is the next test. If not, wait for the next shove outside the MA levels (either to the upside or the downside).
The below video extracts the GBPUSD technical look from this mornings forex video.
