GBPUSD extends to new day lows. Falls below 100 hour MA

Picture is more bearish for the pair.

The GBPUSD is trading at new session lows as the technical picture turns a bit more bearish.

The price action tested the 100 hour MA while Carney and company was speaking. The low reached 1.3332 while the MA was at 1.3327. The correction off that low moved up about 30 pips but we are now seeing a move to and through the MA as the pair trades to new day lows. The next target comes in at 1.32961 - the 38.2% of the corrective move higher from the August 29 low (see hourly chart above).

The move lower is being helped by a new high in EURGBP. It was been able to stay above the 100 hour MA on it's chart.