1.3500 was nice. 1.3219-22 eyed below
The GBPUSD tumbled
lower on the back of the BOE Carney comments and in the process
solidified the 1.3500 level as a key line in the sand. The level was the
low price going back to January 2009.
Now what? Well the fall has taken the price down to a low of 1.3213. That move breached a target at 1.3219-23. Looking at the hourly chart below, the 1.3219-23 was the low on Brexit day and then a low on MOnday before extending lower. A low on Tuesday before moving higher came in at 1.32195.
are currently trying to see what life is like below support at
1.3219-23. A new low was just made. the price is probing. Stay below
1.3219-23 and traders will be eyeballing the lows at 1.3117 as the next
target. A failure, and the market is showing some reluctance at these
levels (or at least a desire to take a breather for the time being).
PS. The probe looks like it might be failing...