The rally yesterday, fizzles today
While the EUR and the USD move lower against the USD (the EURUSD trading at highs and the USDJPY trading at NY session lows), the GBP's lack of strength against greenback becomes more apparent. Specifically, the GBPUSD is simply not being loved at all. It traces at new session lows.
Yesterday, there was some tolerance it seems. The pair bottomed at 1.4530 - the level Ryan was looking for. The move higher moved back above the broken trend line. So that was showing some love. And the pair even moved above a topside trendline. However, when the highs from yesterday and the 38.2% retracement of the move down this week were tested at the 1.46406 level, suddenly all the love disappeared. The price can even get close to the 100 hour moving average (blue line in the chart above).
Since then the price has moved back below the 1.4600 level. It has moved back below the broken trendline (see chart), and currently tests other lows from yesterday and a few hours ago. Will this level find buyers and join the EUR and JPY in its strength against the dollar, or is the GBP the unloved currency that will break and test the 1.4530 level again?
