Was swing low from June 28th. That level was broken on the weaker inflation data today
In the UK, the inflation data today was "soggy" (0.0% vs 0.2% MoM).
That has helped to push the GBPUSD sharply lower (weakest currency of the day). The price technically, moved below the swing low from June 28th at 1.3049 and below a trend line on the hourly chart above.
The low reached 1.3009 and has waffled above and below the broken trend line but below the 1.3049 level.
If the price is to go higher from here (set an intraday bottom at least), watch the 1.3049 level (call it 1.3050). A move above and the buyers might be taking a little from the sellers - at least in the short term.
Drilling to the 5-minute chart, the 100 bar MA (blue line) comes in at 1.30547 (and moving lower) That MA did a pretty good job stalling the market earlier in the day. A move above it (and it is moving toward the 1.3050 level on the hourly) and that may also help technically.
