Key combo resistance level
The 200 hour MA/50% retracement level stalled the rally at the 1.22693 area on the GBPUSD’s run higher today. The high for the day reached 1.2267 and backed off.
The fall took the price down to retest the broken 38.2% at 1.22229. Yesterday and in the Asian session, the market stalled near that retracement level. A move below that level will target the 100 hour MA at 1.21912.
Last week, the GBPUSD fell on each day as Brexit worries helped the fall. Yesterday, the pair rebounded as USD selling and rising stocks, also led to flow of funds into the battered currencies. The 200 hour MA and 50% retracement is the markets way of say, “Not so fast”, but a break above would still be more positive, with the 61.8% at 1.23157 as an upside target.