Forex Trading: GBPUSD Liquidates Lower. Technical Levels Breached In The Process
Fast break to the downside.
Stops were triggered below the 1.5840 level and the 100 hour MA did not even hold the decline. Longs are caught in the pair with EURGBP helping to keep the pressure on the GBP as it continues to move higher. Resistance in the GBPUSD is now at the 100 hour MA at the 1.58245 level. Look for traders to sell on corrective moves toward this level.
The 200 hour MA at the 1.5787 is the next target on the downside.
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