High today failed to extend on a break
The GBPUSD has been pushed down today on the back of lower wage data from the employment report. Right before the report, the pair broke above a topside trend line. It was also trading at the highest level since a year ago on September 13, 2016. That look above the trend line failed, the wage data was lower than expectations, the price fell.
What now?
We are now testing a lower trend line at 1.3233. Key intraday test off the hourly chart. hold and shorts will likely look to cover. Watch 1.3253-60 as a correction zone on a retracement higher. I would look for sellers near that area (see 5- minute chart below).
A break below and a test of the 100 hour MA (blue line on the hourly chart above) at 1.3197 will be the next target.
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