Traders stalling but not coming off much
The GBPUSD is up testing is 100 hour moving average of 1.25154. The high just reached 1.25203 on the spike higher after the release of Fed Chair Powell's prepared text. The price currently trades at 1.2516. The pair move below its 100 hour moving average on July 1 at 1.2694 and trended to low at 1.24389 yesterday and a slightly higher 1.2443 today.
traders are taking a breather against the moving average level, but are so far, not running to the downside either. On a correction, watch for support at the 1.2500 area. The low from Monday stalled a number of times near that level.
On a break higher, traders will look to target hte Monday high at 1.2539. The 38.2% retracement of the move down from the June 28 high comes in a 1.25516. The 200 hour moving average is about 1.25715.
