GBPUSD break the 200 hour moving average and moves toward a cluster of technical targets
The GBPUSD is extending to the downside, and in the process the technical picture has shifted more decisively in favor of the sellers. What had been a relatively balanced market earlier in the session has evolved into one where key support levels have been broken, giving sellers greater confidence and putting buyers on the defensive.
The first important technical victory came when the pair moved below its 100-hour moving average, currently at 1.34585. That moving average had been acting as a near-term barometer for the short-term trend in the Asian early European market, and once the price slipped beneath it, sellers used the break as confirmation to increase downside pressure. The selling did not stop there. Momentum continued to build, allowing the pair to extend below the 200-hour moving average at 1.34236. Breaking beneath both of these widely watched moving averages strengthens the bearish technical bias and suggests that sellers have regained control of the near-term trend.
For traders holding short positions, those two moving averages now become the close lines of risk. As long as the price remains below the 100-hour and 200-hour moving averages, sellers maintain the technical advantage. A move back above either level would begin to weaken the bearish outlook, while a recovery above both would force traders to reassess the downside bias.
The next major test comes just below current trading levels. The GBPUSD is approaching a significant cluster of technical support centered near 1.3398. This area is noteworthy because it combines several important technical references into one price zone. Specifically, it includes the 100-day moving average, the 200-day moving average, and the 38.2% Fibonacci retracement of the rally from the June 24 low. When multiple technical indicators converge in the same area, that zone often attracts increased buying and selling interest, making it an important battleground between bulls and bears.
If sellers are able to force the price below this support cluster, it would represent another meaningful technical victory and should increase downside momentum. Below 1.3398, the next target comes at a rising trend line near 1.3370, which has supported the broader advance over recent weeks. A break below that trend line would expose the 50% midpoint retracement of the June 24 rally at 1.33483. Reaching—and ultimately breaking—those levels would signal that the correction is evolving into a much deeper retracement and would likely encourage additional selling pressure.
On the other hand, if buyers successfully defend the support cluster near 1.3398, the pair could settle into another period of consolidation. In that scenario, traders would likely view the 200-hour moving average near 1.3424 as the first layer of resistance, while the confluence of support near 1.3398 serves as the floor. Until one side wins that battle, the market may continue to oscillate between those technical boundaries as buyers attempt to stabilize the decline and sellers look for another opportunity to extend the move lower.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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