Correction of 38.2% of the day's range
The GBPUSD fell on the Berkow announcement that there would be no meaningful vote today. The price moved to the 38.2% of the day's trading range at 1.2958 and bounced.
After the bounce higher stayed below the 1.3000 level (reached 1.2994), the price has been drifting lower over the last hour or so. The price has moved back down toward the low for the New York session and the 38.2% retracement at the 1.2958 level. The rising 200 bar moving average on the 5 minutes chart is also approaching that level at 1.29511 currently. A move below each should solicit more selling.
Taking a broader look at the hourly chart, the pair remains between the channel trend lines. Those trend lines are moving higher with the topside at 1.3161. The lower trend line is now up at 1.2903. The hi from last week at 1.29867 and the high from today at 1.30166 are also levels that need to be breached on any move higher.
