Trades at lowest level since October 15 into the London fix
The GBPUSD moved to a new low for the week taking out the lows from Wednesday's trade near 1.37085. That low was also near the low from last week.
The pair is picking up steam to the downside and next looks toward the 38.2% retracement of the move up from the September 29 low. That level comes in at 1.36722. The price just reached 1.36793.
Also near the 38.2% retracement is the swing high from October 11 at 1.3673. There was a swing high on October 14 near that level and a swing low on October 15 also near that level increasing the levels importance.
Close risk now comes in at the 1.37085 level. Stay below keeps the sellers more in control.