Brexit progress worries increase anxiety
The GBPUSD is trading to new session lows in early NY trading as concerns about progress for Brexit increase anxiety.
Technically, after trading above and below the 200 hour MA at 1.31754 in a relatively narrow 47 pips range, the pair broke back below the 200 hour MA, traders leaned this time and smashed through the earlier day's lows. The 38.2% was also broken and the price has bottomed near the highs of a consolidation area that confined the range from Feb 19-25. That area comes in at 1.3092-99. The low just reached 1.30966. Dip buyers/profit takers are leaning at the level. On a break, look for more selling with the 50% at 1.30606 the next target.
Look for close resistance at the broken 38.2% at 1.31287. Stay below on a correction, keeps the bears in control.
PS the EURGBP cracked above its 200 hour MA which has also helped to weaken the GBPUSD and looks to test it's 38.2% of the move down from the Feb 14 high.
