Moves below 38.2% and 100 bar MA on 4-hour chart
The GBPUSD has been on a downside run. The EURGBP has raced higher (next target in that pair being approached at the 50% at 0.8528. from the August high). Now the GBPJPY is making a break lower.
The pair has been finding support against the 38.2% of the move up from the August low. That level comes in at 135.09 and lows from August 8th and 12th came in at 135.01 and 135.09 before bouncing. Looking at the 4-hour chart above, the price has fallen below that level. If is now risk for shorts.
In addition, the 100 bar MA on the 4-hour chart has also been broken today. It is at the 134.97 level. That too adds to the bearishness for the pair.
