Lower on the day
Brexit remains a concern and that led to a fall in the GBPUSD despite some better UK Service PMI data today. The price fall took the pair below a lower trend line at 1.2802 but the fall below failed. The price is correcting higher now (trading at 1.2835 as I type).
The topside trend line comes in at 1.2846. The 50% of the move up from the August 15th low comes in at 1.28519. That 50% level has been a dividing line this week (bullish above/bearish below).
That area should provide a stall point for the corrective move. Look for sellers at a move toward that level.
So....
- New low since August 20 today
- Break below trend line
- Break failed. Price correcting.
- Overhead resistance should attract selling at the 1.2846-519 area.
- The 50% at 1.28519 has been a barometer for bulls and bear this week. A move above would muddy the waters for the bearish trend over the last 5 trading days