100 hour MA, 200 bar MA on 4-hour, old trend line and 1.2300 all broken
The GBPUSD moved below a cluster of technical levels defined by the
- 100 hour moving average at 1.23025
- 200 bar moving average on the 4 hour chart at 1.23058
- An old trendline that has been support and resistance in trading this week at 1.2303
- The 1.2300 natural level.
That area (up to 1.23058) is now resistance as the bias swings more to the downside.
The next target comes in at the 1.2265 – 70 area (swing area – see lower yellow area). Below that and the pair will be looking toward the swing lows from Wednesday and Tuesday.
Sellers are in contol. Technical levels have tilted back to the downside