UK’s Chancellor of the Exchequer Sunak is presenting his spring budget and the GBPUSD is trading around the 1.3188 level.
Looking at the hourly chart, that is near it’s 38.2% retracement of the move up from the March 14 low at 1.31835 and its rising 100 hour moving average just below that level I.31825. The low for the day in the current hourly bar reached 1.3177 just below those target technical levels, but rotated back to the upside.
It would take a move below the aforementioned levels to increase the bearish bias. The 50% midpoint of the same move up comes in at 1.31482. There are other old swing levels between 1.3138 1.31438, and the rising 200 hour moving average 1.31232.
Hold the support, and traders will look toward 1.32109 (swing highs from March 17 and March 21) as the upside target that would ease, the selling anxiety and give the dip buyers some comfort that the low may be in place.