The GBPUSD is testing its 200 hour MA at 1.3364. Key level for buyers and sellers.
The GBPUSD has extended its move to the downside after failing to hold above a key technical confluence near 1.3399. That area is defined by the 100-day moving average, the 200-day moving average, and the 50% retracement of the rally from the May low. Repeated failures against that cluster have shifted the near-term bias back in favor of the sellers.
During the North American session, the pair has fallen to its rising 200-hour moving average, currently at 1.3365. That moving average has been an important technical pivot, holding as support since June 29. After breaking above it late last month, buyers successfully defended it on the June 30 retest before launching the subsequent rally. It also coincides with the Asian session low, making this a critical support zone.
If sellers can force a sustained break below the 200-hour moving average, it should open the door for a move toward 1.3338, followed by last week's low near 1.3323. A break below that level would expose the next downside target around 1.3300 (1.3303).
On the other hand, if buyers once again defend the 200-hour moving average and today's lows, attention will shift back to the 1.3399 resistance zone. A move back above that key confluence of the 100-day MA, 200-day MA, and 50% retracement would be needed to improve the short-term technical outlook and give buyers renewed control.
This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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