The GBPUSD fell to a new session low in U.S. trading but failed to break below yesterday’s low of 1.33049, bottoming instead at 1.3309 before rebounding slightly to 1.3319. That gives a dip buyers some hope.
For sellers to extend control, the first step is a decisive break and sustained move below 1.33049, which would open the door for a move toward the October lows between 1.3247 and 1.3259.
From a broader technical perspective, sellers remain in control. The pair has been stepping lower all week, breaking through successive support levels. Yesterday, the pair fell below the 200-hour moving average, then retested it and found sellers leaning firmly against that level, confirming it as resistance.
Today, the price also slipped below a swing area between 1.3323 and 1.3341, reinforcing the bearish bias. That zone now acts as nearby resistance, and buyers would need to reclaim it to shift short-term momentum back in their favor.
This article was written by Greg Michalowski at investinglive.com.