Retests the low

The GBPUSD after a run back higher off early NA session lows, is back retesting the low from earlier today.  Technically, the price is back below the 100/200 hour MA for the 2nd time today. The earlier break (after holding above the level on Monday) did fail and the price moved back higher.

Over the last few hours, the price has dipped back below the 100/200 hour MAs reestablishing the levels as risk.   

On the downside, the 61.8% at 1.41514 is the next target followed by the swing low from Friday's trade at 1.41357. Move below that level and the sellers can push toward 1.4110-15 area. 

Drilling to the 5-minute chart below, the price correction stalled near the 38.2% of the day's trading range and the falling 100 bar MA (blue line in the chart below). That MA is currently at 1.41717 which is now between the 100 hour MA at 1.41754 and the 200 hour MA at 1.41676.  It will take a move above all three to tilt the technical bias back to the upside now. Stay below and the sellers remain in control.    



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