The GBPUSD moved below its 100-day moving average earlier today at 1.2963. The price also fell below the 61.8% retracement of the move up from August low at 1.29580.
Both those levels would need to be rebroken on the topside to give the buyers more control. Until then, the sellers are in charge and in control.
Break below 1.2938 opens the door for further downside momentum.
Conversely, a move back above the 100-day moving average would have traders targeting the falling 100-hour moving average. That level currently comes in near the natural resistance at 1.3000 level.
This article was written by Greg Michalowski at www.forexlive.com. Source