Low reaches 1.3014
The 1.3000-04 is home to some swing lows on March 12, March 21 and March 29. The low today has so far reached 1.30128. We currently trade at 1.30029. That support level was broken on Friday, but the 200 day MA (today at 1.2976 level) held support (leading to a Brexit squeeze).
Today the high price stalled in a swing area at 1.30798-846. The 100 hour MA is at 1.30967. Those levels are a good distance away. Are there any other levels of interest that might swing the bias around (risk level for shorts).
Drilling to the 5 minute chart below, the one concern for sellers is what could be a failed break of the Asian and London morning sesion at the 1.3024 area. Apart from that, if the buyers are to take more control, they need to get and stay above the 100 bar MA (blue line at 1.30507 and falling) and the 200 bar MA (green line at 1.30603 and falling). The 200 bar MA was tested in the London morning session and found sellers. Getting above those levels, would muddy the bearish waters for the GBP.
No votes today, but you never know when a short squeeze can happen. Nevertheless, the shorts are more in control today until the aforementioned levels are broken....
