GBPUSD falls to new lows after testing last week's high and backing off
Technical Analysis
High in GBPUSD stalls at 1.3700 just ahead of the January 4 at 1.37028
The GBPUSD has been waffling up and down in a relatively narrow trading range. The high prices stalled at the 1.3700 level. That was just short of the high from last week at 1.37028. Seller were leaning (with stops likely on a break). The price could not get above. A new ceiling is in place.
The 1.36187 to 1.36347 swing area (see red numbered circles) is the next target area. Below that the 200 hour MA at 1.35975 and the 100 hour MA at 1.3575 are other targets on more weakness.
Intraday traders might look toward the 1.36703 (high from January 6th) as resistance now that the pair has broken lower.
