GBPUSD dips below the 200 hour MA. Can it stay below now?

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200 hour MA at 1.2066

GBPUSD falls back below the 200 hour MA.

The GBPUSD has dipped back below the 200 hour MA at 1.20662, tilting the short term bias back to the downside. .

Recall that the price yesterday moved above that MA and extended higher. The high price reached 1.2147 before starting a series of lower highs into today's trading.

Overall, there have been two dips back to - and through - the 200 hour MA since the move higher.

The first was yesterday with a move below the MA by 10 pips.
The second was earlier today where the price dipped below but only by 3-4 pips.

This recent move below the MA level has seen the pair trade 12 pips below the MA line.

The question is, "Can the sellers keep the price below the MA now?"

If so, the 100 hour MA at 1.20368 followed by the swing area between 1.1987 to 1.2010 would be targeted (above and below 1.2000 level). Getting below them would be needed to increase the short term bias again.

Conversely fail on the break, and start trading back above 1.2066 (give it a few pips), and I would expect disappointed sellers once again turn back to buyers as they cover their shorts from the break.

Trading analysis offered by Flex EA.
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