New lows for the GBPUSD

Technical Analysis

Author: Greg Michalowski | gbpusd

Will the traders keep the momentum going

The GBPUSD is traded to a new session low. The price just reached 1.38425.  That is below thee earlier low at 1.3845.

Will the traders keep the momentum going
Even so, the range for the day is still only 51 pips. The 22-day average is around 90 pips (for a month of trading). There is room to roam.  Sellers are making a play.

The next key target area comes in between 1.38255 and 1.38327.  The 38.2% retracement is at 1.38255. Getting below that retracement level is required if the sellers are to take more control

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