The GBPUSD got close but did not reach the bottom channel trend line earlier today. The subsequent rally took the price above the 1.6162 level (lows from Tuesday and Wednesday). When that failed and the EURUSD started to rotate back lower, the GBPUSD followed and reached down to touch that bottom trend line after all. (see chart below) at 1.6109.
GBPUSD falls to trend line support.
The range for the day is now 136 pips. The average trading range is 109 pips over the last 22 trading days. So we have a pretty good day so far. Is the low in place for the day? Intraday traders can lean against the level now with risk defined and limited. The 1.6162 level is the target. If it holds, perhaps there is pre-employment wander higher. If it falls below…out.
PS if you are short from above you are on the trend the trend is down. You want to see 1.6162 hold. This is just a intraday trade idea with low risk for patient buyers.
