What levels are in play for the GBPUSD and why through the Fed Chair speech

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What levels are in play for the GBPUSD and why through the Fed Chair speech

The GBPUSD retraced higher in trading today and in the process returned to the falling 100-hour moving average currently at 1.2469.  Sellers leaned against that level and have pushed the price back lower and below a swing area between 1.2435 and 1.2445.  Staying below that level keeps sellers firmly in control.  Stay below the 100-hour moving average at 1.24693 is a more conservative stop for sellers looking for more downside momentum.

On the downside, there is a swing area near 1.2386 - 1.2397. Move below that level in the April 21 low at 1.2366 will be targeted along with swing lows from April at 1.23521 and 1.2343

                This article was written by Greg Michalowski at www.forexlive.com.

Source: What levels are in play for the GBPUSD and why through the Fed Chair speech

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