GBPUSD Technical Update: Stepping though technical levels on way to key day MAs

The GBPUSD has moved to a new low and is back firmly in the middle of the old range between 1.2593 and 1.2800. At the highs today, the price stalled near 1.2800 and then reversed and moved lower helped by the BOE rate decision and dovish shift. Stronger US statistics also gave the sellers ammunition for the downside.

Technically, the pair is back below the 100 bar MA on the 4-hour chart and the 200 bar MA on the same chart. The 100-day MA is being approached at 1.2626. The 200 day MA is at 1.2593 – right at the low of the “old range” between 1.2593 and 1.2800. If the momentum does continue, that 1.2593 will be a key barometer or both buyers and sellers.

Watch the video for more details so you can be aware and prepared.

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