Price skids down to the 38.2% retracement at 1.30712 on the break
The target support at 1.30998 to 1.3111 and the rising 200 hour moving average at 1.3106 were all broken and the price skidded lower. The fall took the price to the 38.2% retracement of the move up from the November 22 low at 1.30727. The low price just reached 1.30712 and bounced.
What was support is now resistance. Look for sellers to lean against the 200 hour moving average area. A move above would disappoint the sellers.
Remember, the UK election is ongoing. Adam posted the schedule of events. Things will start to kick off around 5 PM ET/2200 GMT when the polls close and the 1st exit polls are released.
As a result, I would expect that although lower, the GBPUSD should find dip buyers/profit takers who simply don't want the risk.
