GBPUSD makes new lows for the day. Lower trend line target chased.

Downward sloping trend line at 1.3918 now (and moving lower)

The GBPUSD has continued the march lower. The correction in the NY session stalled in the beginning of April swing levels at the 1.2965-81 area (the high reached 1.3976 (see earlier post). The high after that could only get to 1.39618. Sellers remained in control.

The new close target continues to be chased. It is a lower trend line on the hourly chart (see chart above) That trend line comes in at 1.3918 (down from 1.3929 in the earlier post). Below that there is the swing low from at 1.3887 (not shown). and the 100 day MA at 1.3847.