A move below is now eyed by shorts looking for more
Earlier, the 200 hour MA was tested (green line in the chart below) and sellers leaned. That was the case on Monday too (see earlier post “GBPUSD finds resistance against 200 hour MA”)
The sellers have now been able to take the price down to the 100 hour MA at 1.2619. That may give a profit taking point for shorts with stops on a break for some.
For sellers from above who see more downside, the hurdle is to get and stay below that MA now. If so, the low from yesterday afternoon at 1.2591 and then the “old trend line” at 1.2566 will be targets.