Technical Analysis

GBPUSD making new lows as PM May drama plays out

Low reaches 1.2623

From Laura Kuenssberg:

The GBPUSD has made new lows to 1.26233 so far.

GBPUSD weekly chart

Looking at the weekly chart above, the pair moved below the August 2018 week swing low at 1.26615 and the January 13, 2019 week low at 1.2666 (risk levels now).  

On the downside from the chart, a lower trend line connecting the 2016 low and the 2018 low comes in at 1.2575 level   Below that, the 1.24748 and 1.2441 are swing lows from December 12 and January 3rd respectively. 

Be aware that should May resign, there could be a “sell the rumour, buy the fact” reaction.  If so, technical clues will give traders clues.  What would make things more positive technically?

  1. Move back above the 1.2661-66 swing lows from the weekly
  2. The lows from yesterday at 1.26845
  3. The Friday and Monday lows at 1.2714
  4. The 100 hour MA at 1.27342.  
GBPUSD hourly chart

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