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Technical Analysis

GBPUSD makes new lows as London traders head home


Gets closer to 1.3000 level

The UK/European traders are looking for the weekend exits and have pushed the GBPUSD to the lowest level on the day. The price just ticked to 1.30238. The 38.2% of the move up from the June 21 low comes in at 1.3008. That and the 1.3000 are worth a pause (or so I would expect).

For the week, the GBPUSD pushed to the highest level since September 16, 2016. That move took the price above a topside trend line on the daily chart and the price closed above the level on Monday, Tuesday and Wednesday. The BOE decision and inflation report was deemed more dovish than expectations, and that topside trend line was re-broken.

Today, the price has moved below a lower trend line at 1.3063 level and below the May swing high at 1.3047.  Those levels are now close risk levels for shorts looking for more downside.


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