GBPUSD down for the 6th day in a row (9 of 10 days)
Stays in a channel on hourly chart
The GBPUSD is working on its 6th down day in a row (closed at 1.2798 yesterday) as the talks between Labour stop. The pair reached a low of 1.27357. The GBPUSD has also been down 9 of the last 10 days and run from 1.31756 to 1.27357 in the process.
Technically, the pair stayed below the topside trend line at the highs today, before moving back down. That trend line comes in at 1.2780 currently (and moving lower). A move above that level would take a little of the sting out of the technicals, but it would have to stay above that line to solicit more buying. Call it the minimum needed to turn the tide a touch.
Looking at the daily chart, the pair also moved below the swing low from February 14 at 1.2771. Getting above it and that topside trend line would help the tone but until then, the sellers remain in firm control.