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GBPUSD slides below key moving averages, targets 1.3398 support

GBPUSD broke both the 100-hour moving average near 1.34585 and the 200-hour moving average around 1.34236, setting up a test of a multi-indicator support zone near 1.3398.

Reported · Written up by our desk · Major Pairs

GBPUSD is extending lower, with technical momentum shifting more decisively toward sellers after the pair broke key moving-average levels, according to Forexlive.

The slide first accelerated when GBPUSD moved below its 100-hour moving average at 1.34585, and then continued past the 200-hour moving average at 1.34236. Forexlive said the break of both widely watched averages strengthens the bearish near-term bias, with those levels acting as risk lines for traders holding short positions.

Attention is now on a nearby support cluster centered near 1.3398, where multiple indicators converge, including the 100-day and 200-day moving averages and the 38.2% Fibonacci retracement of the rally from the June 24 low. If sellers push through that zone, Forexlive noted the next target is a trend line near 1.3370, and a subsequent move would expose the 50% midpoint retracement of the same June 24 rally at 1.33483.

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