Volatile up and down action in the North American session, but sellers remain in control.
The GBPUSD has had a volatile up and down morning session, but the corrective move higher in the New York morning, d him id stall ahead of the broken trend line from earlier today. Sellers leaned against the risk defining level, and the price has since rotated to new session lows for the day (see earlier post here).
The next target comes in at the 1.22395 level. That is the swing low going back to March 31. Below that, and the April 3 swing low at 1.22024, followed by the low for the month of April (from April 7) at 1.21616 are the targets.
Drilling to the 5 minutes chart below, a lower trend line target comes in at 1.2227 (and moving lower).
On the topside, a risk level comes in at the falling 100 bar moving average currently at 1.23177. The last corrective move to the upside stalled ahead of that level. A topside trend line also is just below that moving average level increasing the areas importance. It will take a move back above that level to give the buyers some upside control.
