Still the dog, but moves to next target.
The GBPUSD remains one of the dogs, after resuming the trend down today and moving below the lows from Tuesday, Wednesday and Thursday. The pair has not traded as low since May 2010. The low during the month came in at 1.4227. Is there a closer support level to target?
Looking at the hourly chart above, the pair is testing a lower trendline connecting lows going back to December 29. The price fell below that trendline on Tuesday, but failed. I will ignore that break. The trend line comes in at 1.4256. Although I do not recommend traders with no position taking a flyer before the weekend ( risk is increased over the weekend, when the markets are closed), there may be some shorts who may want to take some profit and reduce some risk.
