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GBPUSD tests 100 hour MA at 1.6349


The GBPUSD is up testing the 100 hour MA at the 1.6349 level.  The high today reached a level of 1.6349.  Above this key level is the 1.6365 price which is the 38.2% retracement of the move down from the September 11th high of 1.6741 to the September 21 low of 1.6133.    A move above these levels today should solicit additional buying interest that targets the 1.6437 level where prior low from last week and the midpoint of the move down is located (see chart above).  


On the downside, watch for support at the 1.6306 to 1.6317 level and below that level is 1.6292 where the 38.2% of the days range is found along with a rising 100 bar MA on the 5 minute chart.  The price dipped below the 100 bar MA in the London session, but was not able to fall below the 200 bar MA (green line in the chart above).