Pulling into the next station..
The GBPUSD is continue to motor down the bearish tracks (after a correction yesterday - more on that in a second). The price is trading at new session lows and is chugging into the next station (i.e., target) betwween the 1.4000 and 1.40528. We are trading at the 1.4019 as I type. It is hard to stop a train, but the 1.4000 level will try.
There have been a number of choppy swing lows/high from back in Feb/Mar/April that stalled at this area. There was also a breach which saw the pair move to the year and multi year low (goiing back to 2009). That move did not bottom until 1.3833. Choo choo. The actual low in April was 1.4004, but 1.4000 is a nice round number needless to say.
Looking at hourly chart, the pairs correction off the low from Tuesday, saw the price try like heck to get above some tech levels and show the buyers had something in them. But each attempt showed that the little engine that could, could not and the buyers gave up.
So train keeps a comin'. It's comin' round the bend. A station lies ahead. Will it slow and pick up more buyers? Trades will try to lean.
