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GBP/USD

GBPUSD moves below 200 day MA and continues drift lower

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The GBPUSD has fallen below the 200 day MA at the 1.5394 level and has drifted lower. Earlier the price fell below trendline support, then was able to stay below the floor from Friday’s trade (see hourly chart below).  This put the bias to the downside for the pair, and the price obliged by testing and falling through the 200 day MA key support level.

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GBPUSD: Watching the 200 day MA

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Yesterday, the price moved below and closed just below the 200 day MA. Today, the price is trading around the key technical level as the combination of the holiday week and the importance of the level keeps traders content with pausing at the key level.  Nevertheless, the level remains a key borderline level for bullish or bearish bias and a close below the level should keep the bias firmly to the downside.  Conversely a close above the key 1.5391 level should cause some profit taking from the shorts as the holiday week works toward the close.

GBPUSD moves below the floor bottom at 1.5452

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The level came in at the 1.5452 level. The low reached has extended to 1.5434. Looking for the price to maintain below the 1.5456 level. Otherwise, could get a reactionary move higher on the disappointment from the break.

Keeping the bearish bias would target a move to test the 200 day MA at the 1.5388 level currently.

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GBPUSD tests target trendline support. Bias remains bearish

GBPUSD tests target trendline support. Bias remains bearish. The bias remains bearish below 1.5549 area

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