Tumbles below MA lines and keeps falling
The GBPUSD is under pressure as concerns about Brexit and PM Mays future. See post here. Feds Powell is due to speak at 10 AM ET. The expectations about an upbeat outlook may also be contributing to a higher dollar.
The pair fell below the 200 and 100 hour MAs at 1.3237 and 1.3217 and have continued to run lower. We currently trade at session lows at 1.3157 after slashing below the 50% of the move up from Friday's low at 1.3197. I would expect traders to use the 1.3200 level as resistance now. However, the market can swing around on news headlines.
The 1.3133 (broken trend line) and then the swing lows at 1.31110 (july 3rd) and 1.3102 (low from Friday) are targeted.
