Forex Trading: GBP/USD Pressured Today. Moves Below The Daily Lows

Friday before the close the 1.5116 level was highlighted as the key floor for the GBP/USD (see previous post by clicking here).  Today, the pair opened and moved below the level.  The pair consolidated below the key level for most of the Tokyo session. However, in the London session, the pair moved sharply lower - falling below the 100 hour moving average (blue line) at the 1.5039 level in the process and the 38.2% retracement level of the last move higher from the Dec 31 low of 1.4350 and the Jan 8th high of 1.5372).

The pair is currently moving below the low for the day at the 1.4907 level  and looks poised to move toward a test of support at the 1.4861 level - the 50% retracement of the same move higher.

Posted in Categories: Contributor, External Research, Forex, UK, USA.

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