Approaches trend line target at 1.38875
Downside momentum has increased in the GBPUSD and it trades at new session lows. The pair has moved below Friday's low at 1.3903 and is working on testing a low trend line at 1.38875 (see chart above). A break below that level would open the pair up for a test of the low from last week at 1.3856.
Earlier today, the price high tested the 200 hour MA (green line) and stalled near that level. That hold, helped to give sellers more of a reason to explore the downside.
Powell testimony gets underway in a few minutes. The market seems to be looking for some dollar bullish comments. The EURUSD is also trading at new session lows, the USDCHF is trading at new highs as is the USDCAD.
