The low for the week comes in at 1.27878
The GBPUSD is lower on the day, but trade activity is relatively quiet. The low to high trading range is only 48 pips. That compares to the 22 day (about a month of trading) of 136 pips. The market is calming as the market awaits the next moves which may be full speed ahead for a general election. Time will tell. But overall, the tilt is a little more to the downside.
The low for the week reached 1.27878 in trading yesterday. That fall stalled at a lower channel trend line. That low is the next downside target on more selling (we currently trade at 1.2817). Below that sits swing lows from October 17 at the 1.2746-55 area and that lower channel trendline as well.
Close resistance now comes at the 1.2838 level which was the swing low from Wednesday's trade. Stay below it, and the sellers remain in control.
Looking at the daily chart, the swing hi going back to June comes in at 1.27829. That is near the low from yesterday's trade. Below that traders will look toward the 1.27113 level which is home to the 200 day moving average (green line in the chart below)
PS. The GBPUSD is now moving to a fresh session low at 1.2808.
