GBPUSD retests its 100 hour MA. Key level for all traders. Here's why..

<p>The GBPUSD is back near session lows, and in the process is testing a key technical barometer at its 100 hour moving average. The moving average currently comes in at 1.22719.</p><p>Also in play is a swing area between 1.2261 and 1.22758 (see red numbered circles on the chart below).</p><p>At key barometers, the buyers and sellers battle it out. Traders who want to buy the GBPUSD, this area is a key support target to lean against where risk can be defined and limited.</p><p>Conversely, sellers who seek further downside momentum want to see this area broken.</p><p>That makes it a key barometer for both buyers and sellers.</p>

This article was written by Greg Michalowski at www.forexlive.com.