GBPUSD wanders to a new session low

Technical Analysis

Author: Greg Michalowski | gbpusd

Range up to 80 pips.

In an earlier post, the GBPUSD was breaking to a new lows and extended the trading range to around 55 pips. That wander lower has continued with the range up to 80 pips. The 22 day average is still higher at 145 pips, but sellers have inched the pair lower.  

Range up to 80 pips.
Remember, the high for the day stalled just a few pips from the high from last week making a nice double top ceiling at the 1.3700-1.37028 area.  

As outlined earlier, the 1.36187 to 1.36349 area was the next swing area to get below.  The low has so far tested the lower extreme of that area (the low is 1.36203 so far). The next target is at the 200 hour MA at 1.35969. Below that is the 100 hour MA at 1.35762.  
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