Cluster of support broken as London traders head to weeks finish line
The GBPUSD is making new session lows and breaking below a cluster of support at the 1.5211-17. Trend line support, retracement and 200 hour MA all came in at that area. Earlier the 100 hour MA held support (see post) but the correction higher could not reach the upside target and the buyers gave up.. Sellers remain in control and gaining more control on the break.
Looking at the 5 minute chart, you can see the downside momentum first through the 100 hour MA and now potentially through the 200 hour MA. What was support now becomes resistance. Look for 1.5211-17 to be a ceiling now. The next key target is the 50% of the move up from the November low at the 1.51806 level (see hourly chart above).
