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GBPUSD Technicals: The GBPUSD fell to the 100 day MA target and found willing buyers | investingLive

The GBPUSD fell steadily through the US session on stronger US data, setting new weekly lows and the lowest since Aug 11. The slide reached the 100-day MA at 1.34078, with a session low at 1.3405, before buyers staged a modest rebound toward 1.3425. That bounce is not surprising into a key event, and tomorrow we have the key Fed Chair Powell speech at Jackson Hole. The 100-day MA often acts as a neutral pivot where both sides reset into the headline risk, and let the facts, dictate the next move (higher or lower).

Tactically, the 100-day MA (1.34078) is the immediate barometer. Sustained trading below it would tilt the bias lower (more hawkish Fed that sends yields higher); holding above keeps dip buyers in the game (move dovish or less hawkish speech).

The broader tone this week has leaned bearish (higher USD). That corresponded with the market taking some of the easing bias out of the market (it is now 75% for a cut in September). Technically, the 100-hour MA gave way on Monday, the 200-hour MA (1.35059) broke on Tuesday and was retested Wednesday, and today’s failure near the 50% retracement of the drop from the July 1 high at 1.3463 invited the run to the 100-day test.

Into the Fed chair speech/ event window, sellers retain the edge below 1.3463; reclaiming 1.3463 would ease pressure, while a close back above 1.35059 (200-hour MA) would undermine the bearish case.

Key levels

  • Support/pivot: 1.34078 (100-day MA), 1.3386 (38.% retracement) 1.33607 (low of swing area)

  • Resistance: 1.3463 (50% of the July-to-Aug decline), 1.34957 to 1.35059 (100 and 200 hour MAs)

  • Stronger resistance / bias flip: 1.35059 (200-hour MA)