Approaches the 50% of the move up from the August low
The GBPUSD has moved to a new session low in the last few minutes of trading. Brexit concerns weigh on the pair.
The price approached the 50% retracement of the move up from the August low at 1.32168. The low just reached 1.32227. A move below that target level should solicit more selling. The pair is moving further away from the post-Brexit swing highs from June-Sept 2016 between 1.3443-1.3532 over the last few days. In September, the pair closed a few days above that area (yellow area in the chart above) but could not keep momentum going higher.
Drilling to the hourly chart below, the pair fell below a lower trend line yesterday and has been able to stay below that broken line today. The corrective high today stalled against the level - keeping the bears in full control. That trend line at 1.32181 currently and coming down, is a risk level for shorts now. Stay below is bearish. Move above and the shorts might question their position.
Another lower trend line on the hourly cuts across at 1.3214. That is close to the 50% level on the daily chart at 1.3216. So key support below.
