Another leg lower after stalling at the 100 bar MA
The GBPUSD as moved to yet another low, falling below the 1.2200 level in the process.
The run lower was helped by holding below the 100 bar MA on the 5-minute chart above (see earlier post).
The GBPUSD is stepping down. The last leg lower (high of 1.22252 and low at 1.21641) had the 38.2-50% retracement at 1.21874-1.21947. That area is now close risk for sellers looking for the market to continue the trend.
A move above him that area twould be the minimum that buyers would have to surpass to take the minimum control back from the sellers. Failure to do that, keeps the sellers (and the trend) in firm control.
In reality, the lagging 100 bar MA, which has shown the way down for the trend, is the risk level still. Without a move above that level, are the buyers really showing they are taking back control? Nope.