GBPUSD trades at the lowest level since March 12 (at 1.2959)
The GBPUSD is trading to a new fresh low for the day (low reached 1.2975) and in the process, moved below the low from last week at 1.29777. In the process, the price is trading at the lowest level since March 12th. That low on that day reached 1.2959.
The move lower is also pushing the price closer to the 200 day MA (green line in the chart below). That MA has not been broken since the same March 12th date (on that date it traded belowand shot higher). The 100 day MA (blue line in the chart below) is also in play at 1.29536. The March 2019 low, is between those two MAs making the area a key area on a test (expect buyers against the level with stops below).
On the topside, looking at the hourly chart, a move above the 1.2986 area would take the price above the April 5th low at 1.29861 AND near a topside trend line. Stay above that area, should solicit more buying as shorts cover.
