Key bias level for buyers and sellers
The GBPUSD has moved back down to test a key support target defined by the:
- 200 hour moving average
- 61.8% retracement
- and lower channel trendline
all those levels come in around the 1.30585 level. A break below should tilt the bias more to the downside for the pair.
On the topside the corrective high off of the better-than-expected employment data did find resistance near its 100 hour moving average and swing level between 1.3104 and 1.3110. Stay below that level kept the sellers still in the game. They are pushing down to test that key support/bias defining level as I type.
PS The EURUSD as it cracks below its 200 hour moving average and cluster of support (low point at 1.17986) and is triggering stops. The price has traded down to 1.17826 so far.