Forex technical analysis: GBPUSD breaks below 1.5200

Trades at the lowest level early June 2015

The GBPUSD has moved below the 1.5200 level and trades at the lowest level since June 5th. In fact, the low equals the low on that day. The move lower has taken the price below the 50% of the move up from the April low. That level comes in at 1.52456.

EURGBP is wagging the dog a bit. That pair took a nose dive, then surged higher. HMMM. Yesterday that pair was down sharply on the back of Draghi comments. The pairs rally higher has stalled just ahead of the 100 hour MA (see blue line on the chart below). The 200 hour MA is also in the vicinity (at 0.7328 for 100 hour MA and 0.7316 for the 200 hour MA). If the EURGBP holds resistance it may put a slow down on the decline.

Markets are still sorting the whole thing out in choppy trading action.