GBPUSD retests the 100 hour MA at 1.25425 after swing area above stalled the rally

December 30, 2024 at 02:13PM
The GBPUSD moved higher into the US open, but has since reversed lower on risk-off flows (?). Stock in the US are getting hammered in pre-market trading. Admittedly, the declines are not being pushed by any news, except Friday was soft and today, the selling is continuing.

Looking at the GBPUSD, the price moved up and stalled at a swing area between 1.2596 and 1.26147. The subsequent fall over the last few hours has now take the price down to retest its 100 hour moving average at 1.25425. Those two levels will be the barometers for the pair today and going forward .

Move above 1.26147 would increase the bullish bias and have traders looking toward the 50% and the falling 100 and 200 bar moving averages on the four hour chart near 1.2649.

Conversely on a break below the 100 hour moving average swing lows from last week and the low price from December at 1.24739 become the downside targets.

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