The pressure remains on the pound technically
The GBPUSD has continued the falll started in the London session into the NY session. A new low has been made at 1.2903. Technically at the low, the price tested a lower channel trendline (off the topside line). The price has bounced.
Whether the natural 1.2900 level or the trendline, risk could be defined against the level. The pair has a 127 pip trading range with a 22 day average of 111 pips. If the price bottom is in on the hourly chart, a move back above the 1.2941-50 area would be eyed. That was a ceiling over the period from November 28 to December 3rd. That would be the minimum for the buyers to feel more comfortable. Failure and the sellers remain in full control. A move above give more hope.
Since the spike high at the start of day on December 13 when the first election exit polls were released, the price is down 6 consecutive days (counting today).
During that time, the price has moved back below the 200 week MA at 1.30801 and the 100 week MA at 1.3022 (see weekly chart below).
The price on the weekly chart below, is also testing the 38.2% of the move up from the 2019 low at 1.29195.
