Trades at lowest level since March 20
The GBPUSD has traded at the the lowest level since March 20. The April 1 low came in at 1.47384. The low today traded 1.47335. in the process. The pair has moved below the lows going back to March 30 they come in at 1.47514, 1.4754, 1.4774 and earlier today at 1.4763 (see chart below). These levels now represent the minimum that the price will need to get back above, if the buyers are to take back control. Failure to do that and a break and run is still possible.
Looking at the 5 minute chart, the move lower in the NY session has been steady. The low just reached did test a lower channel trend line. The 38.2% of the move lower comes in at 1.4775 - close to the low from April 2 on the hourly chart. This solidifies this area as a key resistance level now. Stay below and the bears remain in control.
