The 38.2% and the swing high from March 19th on the radar
The GBPUSD is continuing its move lower after the initial spike after the BOE statement found sellers.
The price moved back below broken trend lines and below the close from yesterday at 1.41388 as well. The low has extended to 1.41025 so far. The next key target for sellers (and the next test for both buyers and sellers) comes in at 1.4090. That level is home to the 38.2% of the move up from the Friday low AND the swing high from Monday's high (see chart above).
Holding will be healthy for the bulls. A break below muddies the water more and should lead to a further probe toward 1.4065 as the next stop.
Resistance above at 1.41388-44 now. That will be a level to eye on a bounce now.
