Support area being tested.
The GBPUSD is moving below the 1.5000 level and tests the lower trend line connecting recent lows from the daily chart. The trend line cuts across at 1.4975 on my chart. Below that the Jan low at 1.4950 is another target.
The area between 1.4950 and 1.4994 (let's call it 1.5000) had a number of swing lows and highs in Jan through April, before breaking higher...It should slow a fall although there should be care as the pair is trending lower....
We are getting a break of the level as I type and seeing stops triggered. The sellers are pushing. The 1.4950 will be eyed closely now.
The range is above the average at 118 pips vs 95 avg over the last 22 trading days (about a month).
Looking at the 5 minute chart, the pair has accelerated the decline below the lower trend line. You can also see the trending characteristics of the pair. The 38.2-50% of the last leg down comes in at 1.49817 /87 currently (adjust if we make new lows). This corresponds with the broken trend line. A move above this level is needed to take some of the bearish trend move away. Until then, the sellers remain in control.
