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GBPUSD falls below 200 hour MA/50%
The GBPUSD fell below the 200 hour MA/50% retracement earlier in the session but rebounded higher. The last 2 hourly bars have move back below the MA (currently at 1.3843) and also closed below (at least the last hourly bar did). That is a more bearish tilt. The prior break could not close below the MA line/50% retracement level.
The next target area comes between 1.3801 and 1.32116. That rea is home to swing levels going back to early April. The price initially use the area as support, broke below it until April 16 (more bearish) and has been above since that time (bullish). A move below would tilt the bias more to the downside. Test and stay above and the battle between the swing area below and the 200 hour MA above would be on.
This article was originally published by Forexlive.com. Read the original article here.