Forex technical analysis: GBPUSD tests 100 hour MA and trend line. Key level.

USD is up but the GBP is doing better…The dollar is up (but coming off a little now), but the GBP is even stronger today (it is the strongest currency of the day).

The run up has the pair up testing the 100 hour MA and a topside trend line now at 1.31937 area. The level should give traders a low risk level to take profit/sell with stops on a break higher.  There is a cause for pause.  Be aware of the resistance.
ON the downside now, watch the 1.31826. That is the 38.2% of the move down from last week’s high. A  move below should lead to more corrective action.  Holding above and a break of the 1.31936 would be eyed with 1.3212-165 (50% and 200 hour MA), the next key target area.  
Key level — for a couple reasons — being tested.   Article Source

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