The GBPUSD is trading lower today and in the process is moving down toward it’s a key 100-day moving average of 1.26112. That moving averages between a swing area on the 4 hour chart between 1.25904 and 1.26238. Moving below that area increases the bearish bias going forward.
Close risk comes between 1.2676 and 1.26988 (call at 1.2700). Stay below that level keeps sellers more firmly in control.
This article was written by Greg Michalowski at www.forexlive.com. Source