Correction fails...
In an earlier post, I spoke of the bare minimum the GBPUSD price had to do. That was to get and stay above the 100 bar MA. The pair tried, but it just could not do it, and the move into the Friday 4 PM fixing was to the downside.
The pair is now making new session lows and in the process moving below the 1.4300 for the first time since May 25, 2010. The low on that day came in at 1.4259. The 1.4226 is the low price from 2010. Below that we are talking about 2009 low levels.
PS. EURGBP continues to help keep the pressure on the GBP as it extends to new highs too.
