GBPUSD falls back to 100 hour MA, swing area.

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The GBPUSD moved down to retest the 100 hour MA, the November 15 high and the Asian session low. All those levels come in between 1.20247 and 1.2036. A move below that area would tilt the short-term bias to the downside from a technical perspective, with more work to do for further control. The low in the NY session reached 1.2038 and bounced back.

GBPUSD is testing a key short-term bearish target

Looking at the hourly chart, a move below 1.20247 would have traders looking at the 38.2% of the last move up from the November 17th low at 1.2004. Below that and the 200 hour MA at 1.1950 would be targets. That MA is within a swing area between 1.19416 and 1.19543 which would be another target to reach and through the downside.

Looking at the daily chart below, the lower move took the price back below the 1.20499. That level is the 50% of the 2022 range. Staying down also opens the downside door for the failure to stay up. The buyers took their shot. It may fail.

On the upside, the falling 200-day MA is a key level this week if the price should turn back to the top. That MA comes in at 1.21752. The price has not closed above the 200-day MA since mid-September 2021.

EURUSD on the daily chart

Source

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