Been sideways for most of the NY session
The GBPUSD started the early NY session also near London highs and in a resistance area from the daily chart in between 1.2768-91 (see earlier post).
Sellers entered. Took the price lower to 1.2718 low and then traded between 1.2718 and 1.12748 - a 30 pip trading range. Is that any way to trade a surprise UK election? I guess the market was tired.
IN the last 1/2 hour the price has moved below the 1.2717 low - extending to NY session lows in the process.
The pair is starting to approach the 1.2688 support level. Remember, this was the 38.2% of the move up from the March 2017 lows (started the trend move higher). Looking at the 5-minute chart above, the price stalled at that level, fell below and then reestablished the level as support in the London session (see red circles). It remains a key level to get to and through.
On a break below, the 100 day MA at 1.2616 and the 200 day MA and 50% retracement at 1.2580 (both are at that level), are key support targets.