Trades at session lows.
The GBPUSD has been under pressure in trading today. Worse than expected PMI data and a rising EURGBP (moved above 200 week MA today), has pressured the pair.
Post employment, that pressure remains. Looking at the 1 hour chart, the pair has moved to new session lows and is at a key area. The 200 hour moving average comes in at 1.4243. The 50% retracement comes in at 1.4257, and the hundred bar moving average of the 4 hour chart comes in at 1.42758. This area - if broken - should solicit more selling. with the next major target area at 1.4200-10. The 200 bar MA on the 4-hour chart and the 61.8% retracement of the move up from last weeks lows area in that area.
Overall this week, the GBPUSD gave the bulls the opportunity for gains, but that momentum faded when the pair started to trade back below the 1.4350-78 area. Today, a combination of worse than expected data out of the UK, negative technicals and a EURGBP surge has led to a weakening picture.
The pair has move below the 200 hour MA at 1.42427 as I type and the EURGBP makes new highs. Sellers and shorts will be looking for the next push now. The 50% at 1.4257 area will be eyed as risk now.
