50% retracement holds.
The GBPUSD moved below the 200 bar MA on the 4-hour chart BUT has tested the 50% of the move up from the October 25th low at 1.23774 level – and held (see chart below). The 50% also corresponds with some swing lows in last weeks trading (see red circles). There were breaks below admittedly, but they were before and after the election. The test and holding is leading ot a move back higher. The 200 bar MA at 1.2396 now becomes close risk.