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Technical Analysis

Forex technical analysis: GBPUSD falls to MA/trend line


Tests 100 bar MA on 4-hour chart.

The EURUSD trades around 100 hour MA.

The USDJPY traders around key 200 hour MA.

The GBPUSD has moved to its 100 bar MA on the 4-hour chart at 1.3074. Just below that MA, a trend line off the June 24 low cuts across at 1.3063.  Since the week of June 27th, there have been some looks below that MA line but momentum on breaks have stalled.  Key level for the day, but the area is giving trades some cause for pause.

A move below should have the pair looking ultimately toward the 1.1300 area (38.2% of the move up from the June 21 low).   There are other minor levels as the pair enters the meat of the trading area from the last few weeks.  Looking at the daily chart, the 1.3047 is the high from May.


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