Forex technical analysis: GBPUSD finds technical support buyers via ForexLive

The GBPUSD is lower on the day, continuing the decline seen mainly after the FOMC statement yesterday.

The pair has run into some strong support against the 50% and the 200 hour MA at the 1.5109 area (green line in the chart below). The 100 hour MA is now near the level at 1.151027 (and moving higher – see blue line in the chart below).  Look for buyers against the area with logical stops below the 1.5100 level now.

Fundamentally, the CBI sales were higher today (see UK CBI reported sales index Jan 39 vs 32 exp). Nationwide home prices were about as expected.  Claims come out shortly.  If the level below holds, look for a rebound.

GBPUSD has found support against the 200 hour MA, 50% retracement and you can now add the 100 hour MA as well.

posted via ForexLive