Technical Analysis

GBPUSD backs off to July swing low.

July low at 1.29569. Low today 1.2959 so far.

The GBPUSD is trading near the lows for the day at 1.2959. Looking at the daily chart, that is near the swnig low from July at 1.29569.  A move below that level should swing the bias a little more to the bearish side.    NOTE: The high price from yesterday stalled at 1.30427. That high was right at the peak of a swing area of 1.3026-41 (see blue numbered circles). The 38.2% of the move down from the start of the move down from May also is in that area.  That retracement comes in at 1.3026.

Looking at the hourly chart, if the pair can break the 1.2956 level on the daily chart, traders  will start looking toward the 100 hour MA at 1.2946. The 38.2% of the run higher from Wednesday’s low comes in around that area at 1.2943 near that level.   A move below that, would target the 1.2931-35 swing highs from August 22 and August 28.

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