GBPUSD falls back toward 100/200 hour MA. Can the MAs hold support on the dip?

The 100 and 200 hour MAs in the GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term have had a say in the short term technical bias today.

Earlier today, the price moved higher in the Asian session but stalled near the falling 100 hour moving average. The price rotated away back down toward the 1.3000 area, before rotating back to the upside and extending above the aforementioned moving averages.

That run to the upside saw the pair above a swing area between 1.30419 at 1.30566, but could not sustain momentum. The price of the GBPUSD has since moved back down to retest the near converged 100 and 200 hour moving averages near 1.3036. The current price trades at 1.3039.

The question for the intraday bias is can the moving averages hold support and see a bounce back to the upside?

If support cannot hold, the disappointment of the break could see the price of the GBPUSD move back down toward 1.30168 and the 1.3000 levels.

Alternatively, holding level would have traders looking back toward the 1.30566 level and the highs for the day at 1.3065. Get above those levels and the 38.2% retracement 1.30958 would be the next major target. That retracement is of the move down from the March 23 high..