Forex Trading: GBPUSD has resistance at 38.2% retracement. Also is the 100 day MA

The GBPUSD rebounded smartly in the NY session after selling off hard .  The pair rebounded up 38.2% from the high of 2.0005 to the low reached yesterday (the 38.2% level comes in at 1.9783).  The level also corresponded with the 100 day moving average (see chart below).   The high for the day was 1.9788.    The pair has sold off to a low of 1.9751 and has quieted down in early trading.

Expect resistance once again at the 1.9783 to 1.9786 level.   A break above this level would start to neutralize the pair from the bearish bias as it would be above the 100 day moving average.  However, a close above the level would be needed to confirm the neutrality.  Watch this key level on the upside.

On the downside, there is support at 1.9751 and below that the 1.9734.  A break of 1.9718 should accelerate the downside momentum once again.