Makes a new low in the NY session but only by a couple pips
The GBPUSD traded to a new low in the NY session so far, but only by about 2 pips. The range for the day is an unimpressive 36 pips. That is not a lot. The pair traded mid range at 1.2739 currently. It is higher on the day after closing near lows on Friday. The price was lower every day last week. Trading higher is something different (Bloomberg close was at 1.2724 on Friday).
The price action today (if you want to call it that), did move above a topside trend line. However, when that happens you want to see the price move with a little more momentum. There was some, but it was not sustainable.
Nevertheless, bouncing near the lows from Friday (at 1.2715), and staying in the black for the day (low is at 1.27209) is a step in the bullish direction for dip buyers. However, be aware as well, that the sellers have been in complete control and trending the market lower. As a result, you have to respect that price action. Going below the lows would not be a good sign. So buy a dip against the lows, but expect that sellers may still come in. So be careful.
A move above the 1.2756 level would likely solicit more buying, with eyes toward the Thurday low at 1.2787. The 100 hour MA continues it's catch up to the market and stands at 1.28175 currently.
