Key combo resistance level
The 200 hour MA / 50% retracement level blocked the rally in the 1.22693 zone to the GBPUSD up today. Today’s high hit 1.2267 and fell.
The fall lowered the price to retest the broken 38.2% to 1.22229. Yesterday and during the Asian session, the market stagnated near this level of retracement. A move below this level will target 100 hours MA at 1.21912.
Last week, the GBPUSD fell daily, as Brexit concerns contributed to the fall. Yesterday the pair rebounded as the sale of USD and the rise in stocks also led to an inflow of funds in the beaten currencies. The 200-hour MA and the 50% retracement are the way of saying markets, “Not so fast”, but a break above it would be even more positive, with a 61.8% at 1.23157 as bullish objective.