Technical Analysis

GBPUSD below lower trend line on the hourly

Approaches the 200 day MA

The GBPUSD has moved below a lower channel trend line currently at 1.2989.  Stay below keeps the sellers more in control.

 

ON the downside, the pair is looking toward the 200 day MA at 1.2968 as the next key target. Below that is the 100 day MA at 1.29499 (call it 1.2950). 

This is what it looks like on the daily chart.  The end of March low came in at 1.2976 and the price low just reached 1.29778.  So could early buyers come in despite the fall below the lower channel trend line? Sure. This is tough area to get below and traders thinking Brexit fears should keep the pair contained. This may be a low risk buy area (with caution).

GBPUSD tests end of March low

ForexLive

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