Watching 1.38283 to 1.38316. Can the price stay below and break below the week low?
The GBPUSD is seeing sellers enter in the early New York session after the high for the day stalled near the high of a swing area between 1.38535 and 1.38708.
The inability to move above that a swing area (see red numbered circles) gave the sellers more confidence. The price also stalled well ahead of the falling 100 hour moving average (blue line in the chart above) and the 200 hour moving average ( green line in the chart above).
The price has moved below a old swinng area going back to the extreme for the month back on June 18 through June 21. That area comes between 1.3828 and 1.38316. That area has been broken yesterday and again earlier today with the lows at 1.38132. If the price can stay below 1.38316 – and get below the floor for the week at 1.38132, the next target become the lows for the month of June.
It is month end, do the sellers make a push?