Trades at lowest level since October 13
The GBPUSD has broken below the 50% of the trading range for the year - keeping the sellers in control and the dip buyers/longs nervous.
Traders will now keep an eye on that level for resistance. If the price can not get back above this level, the sellers remain in the dominant position.
The low from October 13 at 1.5199 (let's call it 1.5200), is the next obvious target to get to and through. Swing lows from June and the beginning of September come in at 1.5188 and 1.5158 respectively. At the end of Sept/beginning of October the pair moved below these swing lows, but activity was more two-way. I think the market can "see" the other swing lows as more important targets. The 61.8% at 1.50849 corresponds with the May low. That is for another day though IF the selling can continue.
