GBPUSD falls to the 100 hour MA and bounces
Trades between 100 hour MA below and 100 day MA above
The GBPUSD fell to the low for the day as London traders exited for the day/week (and month for that matter). The low reached 1.3889. The 100 hour MA (at the time) was at 1.3891. The price has since bounced and trades at 1.3909.
Above sits the 100 day MA at 1.3920. The price fell below that MA earlier in the NY session and found sellers. Stay below on a correction, keeps the sellers in firm control. Move back above, and the all bets are off on the bearish break (and failure above the 100 day MA).
Of course, the pair will still need to get below the 100 hour MA to increase the bearish bias as well. If broken, the next target comes in at 1.38616 followed by swing highs and the 38.2% of hte move up from the July 20 low in the 1.38255 to 1.3832 area.