The 38.2% retracement comes in at 1.29195
The GBPUSD is down testing the 30.2% retracement of the move up from the September 2019 low. That level comes in at 1.29195. The low today reached 1.29217 so far. Move below that level and traders will be eyeing the post-election low from December 27. That level comes in at 1.29039. Below that, and the 100 day moving average at 1.28787 will be targeted
Staying on the daily chart above, the lower trend line was broken over the last 3 trading days. However the price cannot stay below that trend line on Tuesday Wednesday. Today the high price stalled near that level and stayed below. The trend line comes in at 1.3003. That would be a risk level for traders going forward off the daily chart.
Drilling to the hourly chart below, a series of swing lows him come in between 1.29405 and 1.29744. The more swing lows that the price can stay below, the more the sellers will feel in control (and the buyers feel out of control).
The sellers are making a play. Can they keep control.
