GBPUSD runs down to trend line/MA on continued selling after data

Technical Analysis

Author: Greg Michalowski | gbpusd

Below 1.3532-44 support area

As per earlier post the 1.3544 was the underside of a broken trend line on the daily chart. The 1.3532 was the swing high going back to the post-Brexit period in 2016. Both those levels have now been broken, and the better US data has continued the tumble for the pair.



The trend line on the hourly chart has just been broke at the 1.35076 level. The 38.2% of the move up from the Dec 19 low comes in at 1.3504 and the 100 hour MA comes in at 1.34973.  Those are the next targets as the pair continues it's trend move lower today.  

I would expect that the market will give the 100 hour MA respect and slow the fall. However, the correction higher will be eyed.  

I would expect that the 1.3532 now becomes a strong ceiling once again and help to limit the corrections intraday.