GBP/USD Back Down Testing The 100 Hour Moving Average

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GBP/USD Back Down Testing The 100 Hour Moving Average

By Greg Michalowski on June 18, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The GBPUSD moved above the 100 hour moving average at the 1.6394 level and moved up to a high of 1.6328 and started to reverse. The decline was helped by the run up and then reversal of GBPJPY. Now the pair is back down testing the 100 hour moving average. A move back below (and close below on the hourly chart) will be the 4th failure of the pairs attempt to move above the 100 hour moving average in the last few days, and I would think this would solicit additional pressure on the pair.

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