GBPUSD tilts more to the downside but runs into trend line support

Technical Analysis

Author: Greg Michalowski | gbpusd

Ups and downs continue. Weekend risk from Brexit news

The Brexit vote in Parliament is next week. The weekend is coming up.  That increases weekend risk. Risk overall all is sky high for anything GBP.

Techncially, for traders looking for making a few pips, the price just made a run lower. In the process, the price fell below the 200 and 100 hour MAs at 1.2757 and 1.2743 BUT stalled at a lower trend line on the hourly at 1.2726.  

For traders hoping for more downside into the weekend, staying below the 100 and 200 hour MA is the risk.  If selling continues, a move below the trend line should solicit more selling with the 1.2695-98 area a potential target. 

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