Forex technical analysis: GBPUSD tests 100 hour MA and the trend line. The key level.




USD is up, but the GBP is doing better…The dollar is on the rise (but from now), but the GBP is still strong today (it is the strongest currency of the day).

The run up has the pair for testing the 100 hour MA and a large trend line now at 1.31937 area. The level should provide the professionals with a low level of risk to take profit/sell with stops on a break higher. There’s a cause for pause. Be aware of the resistance.
ON the other side of the coin now, look at the 1.31826. This is the 38.2% of the move down from the high of last week. A move below should lead to more corrective action. Now above, and a breakdown of the 1.31936 would be the eyes, with 1.3212-165 (50% and 200 hour MA), the target area.
The key level for a couple of reasons — to be tested.



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