Forex technical analysis: GBPUSD cracks trend line.

Comes off the 100 hour MA ceiling....

The GBPUSD technical story has been about the 100 hour MA above and the trend line below. The 100 hour MA stalled the highs on Thursday and Friday (blue circles 3, 4, 5 and 6). The trend line on the downside stalled the falls on Wednesday and Thursday (red circle 2 and 3).

Today, the trend line has been broken. It currently is at 1.3300. On a break it should now be resistance. A move above takes some of the bearishness out of the pairs technicals.

Looking at the daily chart, the 1.3267 was the swing high from August. A move back below that level is more bearish. The 50% of the move up from the August low comes in at 1.32168.

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