CHF and EUR was the strongest
The GBP got hammered as a no-deal Brexit seems to be more likely. The pound fell the most vs the CHF and the EUR but was lower by over 1.1% vs all the major currencies. It was the only deal in town today.
For the GBPUSD technically, around this time yesterday I noted how the pair was staying below the July 17 old low for the year at 1.23818 ("Stay below and the sellers are firmly in control")
Also of note was the price action on the 5 minute chart. The pair has been trending below the 100 bar MA (and 200 bar MA). That MA was tested one last time near the end of the Asian session. The level held and the sellers took the pair apart.
What now?
The pair has been consolidating near the lows on the 5 minute chart allowing for the 100 bar MA (blue line) to catch up. The 100 bar MA is at 1.22342. A move above would give buyers a small victory. It would be a small tilt in favor of the buyers. Another hurdle would be the 1.22409 level which is the 50% of the last leg lower (see chart below).
Taking a broader look of the next targets off the weekly chart. a lower trend line cuts across at 1.2115 and moving lower. Below that is the March 2017 low at 1.21085. Below that is the 2017 low at 1.19859 (from January 2017).
