Tests 100 hour MA
The GBPUSD ran up above the 1.2200 level but stalled at a high of 1.2207 level. That was just short of the high for the day at 1.22089. The failure to move above the high turned buyers into sellers.
The price has now moved to new NY session lows and in the process, has moved down to the 100 hour MA at 1.21459.
Meanwhile over the EURGBP, that pair – as the GBPUSD was peeking – bottomed at it’s 100 hour MA at 0.91558.
The combination of the EURGBP stalling at support and the GBPUSD stalling at resistance is helping each move the other way…..
The question now is will the GBPUSD fall find leaners against the 100 hour MA level?