Test the underside of broken trend line at 1.1478 currently
The GBPUSD has moved to a new session low and in the process is testing the underside of a broken trend line at 1.1478. That line was retested earlier today.
As outlined in an earlier post, the price did move above and below that trend line on Friday and again the early Asian session today. However, it then reestablished support (at red numbered circles 6).
A move below the line would target the low price from March 18 at 1.1442. Below that, and traders will be eying the low from Friday at 1.14083. That low was the lowest level since 1985 for the GBPUSD.
