GBP/USD drops below 200 day moving average

The price action in the Pound last week saw the GBP/USD jump further away from its 200 day moving average, when it lifted above 1.3200. Well, the price action this week has seen it fall back below that price point and technical support level. That is in place right now at 1.2813 and the Pound just fell below the 1.2800 handle a moment ago. This is not a particularly great technical development for the Pound and it will need to avoid a daily close below that level, if it has a chance at regaining the positive momentum seen last week. Once again a part driver for this relapse has been further upside in the EUR/GBP, which has now pushed above 0.8550. The low seen in the GBP/USD just now is at 1.2786