Below MAs and swing area
The GBPUSD is off it's lows for the day, but the tilt technically is to the downside.
Here's why...
- The GBPUSD price fell below its 100 and 200 hour MAs earlier in the day (blue and green lines) after trying to hold above the lines in the Asiain session
- The fall also took the price below a swing area at 1.26614-706.
- The correction off the low stalled at that key swing area. That is a key risk/bias area for traders
We are moving below the 50% retracement for the 2nd time today at 1.26439 and look to retest the day's lows at 1.26337. A move below that level will look toward the 61.8% retracement at 1.26112 and the swing by from June 17 and June 19 at 1.2605.
Sellers are in control Staying below the 1.2661-70 area is now key resistance above today and going forward this week.
