Channel trend line not far away.
The GBPUSD is challenging the 1.3000 level (EURUSD moves to new low too). The pair moved below the 1.3000 earlier today and also back on April 5th when the low for the month was reached at 1.2986, but it quickly snapped back.
Technically, a channel trend line comes in at 1.2992. Then the low at 1.2986. The combination may continue to give sellers some cause for pause.
ON a break, the pair would then target the 200 day MA at 1.2968 and the 100 day MA at 1.2950.
For now, the pair is having some problems with the support giving low risk traders an opportunity to buy a dip (with limited risk).
