Back below the 200 hour MA
The GBPUSD has moved to new session low and in the process is trading back below its 200 hour moving average at 1.32243.
Recall from yesterday and on Tuesday, the price initially moved up to test that moving average on three separate occasions before finally breaking through in the NY afternoon yesterday. The momentum could not be sustained in the Asian session, and the price started to rotate back to the downside.
Now, post Bullard/post GDP, the price has cracked below the 200 hour moving average. The 100 hour moving average of 1.3704 is moving higher and would be the next target to get to and through if the sellers are to take more control. The pair moved above the 100 hour moving average for the first time since August 16 on Monday and has stayed above since that time.