Sellers remain in control.
Sellers remain in control in the GBPUSD and that has pushed the pair to the lowest level since August 25th - nearly a year ago. Concerns about no-Brexit deal continues to weigh on the pound.
Looking on the daily chart, the pair is approaching a lower trend line that cuts across at 1.2846. The low for the day reached 1.2852. The pair trades at 1.2862 currently. That is the next target level on the downside.
Drilling to the hourly chart, the pairs bottomed yesterday near the low from Monday and rose modestly in the Asian session today. The price stalled at the topside trend channel trend line, stalled and started the next run lower in the London morning session (falling below the 1.29196 level in the process).
On the hourly chart, the price has a lower channel trend line at 1.28329 (and moving lower).
Taking it to the next step by looking at the 5-minute chart, the price has been consolidating at the lows (and near the daily trend line) over the last few hours. The 38.2%-50% of the last trend leg lower comes in at 1.28738-804. A move above that level (and the trend line as well on the chart below), starts to muddy the water a bit for the trend move today. Failure to get above those minimum targets and the sellers are still in control.
