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RBA Review; AUD/USD Lower and On the Doorstep of Major Pennant Pattern

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.

Also in play is a swing area between 1.2261 and 1.22758 (see red numbered circles on the chart below).

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.

Conversely, sellers who seek further downside momentum want to see this area broken.

That makes it a key barometer for both buyers and sellers.

GBPUSD tests key support area

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