The GBPUSD has moved back to the downside in what has been a down and up and back down again type of day. In the fall, the price has moved back below the 50% midpoint of the move up from the March 1 low to the March high. That comes in at 1.27462. The move lower has reentered a swing area between 1.2729 to 1.2735. The low just reached 1.27309.
The buyers have once again slowed the fall in the lower swing area. It will take a move below to increase the bearish bias. If done, the rising 100-bar MA on the 4-hour chart comes in at 1.27211.
This article was written by Greg Michalowski at www.forexlive.com. Source