Corrects 38.2% of the day's trading range
The GBPUSD has pushed off the low at 1.3411 and moved the the 38.2% of the range today at 1.34505.
The move higher takes the price back above the 1.34439 level. That was a swing high post-Brexit in 2016 (see daily chart below). Key test for the pair on the correction.
The last few minutes are seeing the pair move back lower and below that 1.34439 level to 1.3435. Is the correction over, and more downside to come? Sellers seemed to have come in. Traders should use the 1.34439-50 area now as intraday trading resistance to see if the sellers can remain more in control. A move above would muddy the waters for the continuation lower.
Looking at the hourly chart below, the 1.3400 is the 50% of the last leg higher. The pair stalled near that level on the way higher on September 14/15. That is the close target. Getting below is the minimum if the pair is going to build on some downside corrective action.
The 1.3376 is another downside target on selling. That is where the underside of the broken trend line on the daily cuts across.
Can the 1.34439-50 area hold now? That is the question.
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