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GBPUSD slides back toward 200-hour moving average support

The pair is testing its rising 200-hour moving average near 1.3365, a level that has held since June 29.

Reported · Written up by our desk · Major Pairs

GBPUSD has extended its decline after failing to hold above a technical confluence around 1.3399, where the 100-day moving average, 200-day moving average, and the 50% retracement of the May rally overlap, Forexlive reports.

During the North American session, the pair fell to its rising 200-hour moving average at 1.3365, which has acted as a technical pivot and has held support since June 29. The 200-hour level also lines up with the Asian session low, making it a critical area for traders.

If sellers force a sustained break below the 200-hour moving average, Forexlive says that could open the door to a move toward 1.3338 and then last week’s low near 1.3323.

Alternatively, if buyers defend the 200-hour moving average and today’s lows, attention would likely return to the 1.3399 resistance zone, with a move back above that confluence needed to improve the short-term technical outlook.

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