Traders looking for a break still
The GBPUSD story this week has been similar each day.
Looking at the daily chart, the pair remains around the 200 day MA (we are trading below the level now - 200 at 1.3555) and the 38.2% at 1.34667. However, we currently are trading below that technical level and are testing the lows for the week.
Those levels come in at 1.34502 and 1.3454. The low just reached 1.34542.
Below is what the price action looks like on the hourly chart. Not only are the double bottom lows from this week being tested, but the low from last week is also in the area, forming a triple bottom between 1.3450-59.
Helping the bearish cause technically, is that yesterday the pair moved above the 200 day MA but failed. After that failure the 100/200 hour MAs became ceiling that the sellers leaned against both yesterday and again today.
Can the pair break? Will the pair run on a break? Those are the questions as the clock ticks toward the London/European session close.
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