Like the EURUSD the GBPUSD has extended to the downside post the FOMC minutes. The decline has taken the price below the channel trend line, 100 hour MA (blue line at the 1.5515), and 61.8% of the move up from the low on Friday (at 1.5504 (now resistance). It also extended the range for the day to a more respectable 85 pips. Ironically, the EURUSD and the GBPUSD has the same range for the day now.
The next target is hte low from yesterday at 1.5477 and then the low for Friday at 1.54594. The 1.54612 is also the 61.8% of the 2 1/2 month trading range. A move below should open the door for further liquidation.
