Forex technical analysis: GBPUSD dipping below the 200 bar MA on 4-hour

The last break was a brief one..

The GBPUSD is falling below the 200 bar MA on the 4-hour chart at the 1.2392 level. This is the first time below the level since February 7th. Admittedly, on that day, the break could not find momentum and the market rebounded.

 

The pair is trying to break but the dollar buying has seen some slowing. The EURUSD has moved back above the London morning low (need to get back below the 1.0540 level now). The USDJPY is testing support early at 114.72 after not holding really close support at 114.83 trend line from the earlier post.