Can the price stay below cluster at 1.3700 to 1.3708
The GBPUSD fell below the cluster of support including the 100 hour MA at 1.3697, a swing area between 1.3700 to 1.37088 and a couple of OLD trend lines. Both the trend lines were broken yesterday (on the downside and the upside) but the old lines converged today and the price fell back below each in the 1.3697 to 1.37088 area.
If the price can now stay below the 1.37088, the sellers remain in control. Fail on this break and the intraday sellers will probably fell a little unsure. Watch that level intraday at least as the market tries to figure what it wants to do.
The next downside target on more selling would be at the 200 hour MA at 1.36593 level. Move below that opens the door toward the low from last Friday at 1.36349, and then the completion of the full lap of the move up from yesterday at 1.3610.
