GBPUSD falls away from 100 day MA after breaks above fail. Buyers had their shot & missed.

The GBPUSD spent the first half of the week trading choppily around the 38.2% retracement of the September high to January low at 1.26076, reflecting market indecision.

On Wednesday, after a move lower, buyers stepped in just ahead of the 1.25499 swing high from two weeks ago, pushing the pair back above the 38.2% retracement and toward the 100-day moving average (1.2660, blue line). However, similar to the retracement level, price action around the 100-day MA was indecisive, fluctuating above and below in the Asian-Pacific session before mostly trading below in the North American morning session. Buyers had an opportunity to take control—but failed.

Key Technical Levels Going Forward

• Upside: A sustained move above the 100-day MA (1.2660) would shift focus to 1.27289, followed by the 50% retracement at 1.2765 and the 200-day MA at 1.2788.
• Downside: With buyers faltering, sellers hold the short-term edge. Key support lies at 1.26076, with a swing area between 1.2596 – 1.26147 acting as a critical zone to break for further downside momentum. Below that, the next key levels are 1.25499, followed by another swing area at 1.2474 – 1.24999.

For now, GBPUSD remains at a technical crossroads, with the 100-day MA acting as a major barometer into next week’s trading.

This article was written by Greg Michalowski at www.forexlive.com.