The GBPUSD falls as PM sticks to her guns

Price taking out technical levels on the downside.

Stern words from PM May has the GBPUSD price action to the downside. The price has moved further away from the 100 day MA at 1.3154 and below the 200 hour MA at 1.3117. That is now a risk for shorts.

The 38.2% at 1.31019 was also broken.

What was not broken - yet at least - is the 1.3078-86 area. Support has stalled there for now. A move below will open up more downside with the 1.30414 as the 50% retracement.