1.33418 is the weeks low. Lower trend line at 1.3317. Targets
The GBPUSD stalled at the 100 hour MA yesterday (see blue circles 3 and 4 and the blue line in the chart above). That MA also was near the highest corrective high post-Brexit from September 2016. If you have been reading the post on the GBPUSD this week, those swing levels have been highlighted. The stall in that area is more bearish.
The pair is trading near the lows for the day after a move higher in the early NY session. The London session low of 1.3352 was about 10 pips off the week’s lows at 1.3342. That low yesterday stalled at lower trend line. Good hold. That hold led helped lead to the bounce.
Now on a break of the lows, that trend line will be the next key target. It comes in at 1.3317 currently (and moving lower). I would expect buyers to lean for the 4th time on a test.
First things first though is to move below the week’s low.