Low at 1.2722 for November approached but not broken, but more work to be done by buyers to take more control.
The GBPUSD stayed below the 100 hour MA (blue line) and then broke a trend line in the Asian/early European session. Brexit concerns helped to send the pair lower. The fall took the price below the lows from last week at the 1.2765 area. The low for the day reached 1.2733.
That low came up short against the next target at the November 15th low at 1.2722. IN the early NY session the price made another move toward the low but once again fell short (low reached 1.2734).
The price has moved a bit higher with the price reaching 1.2773. We are now back below the 1.2765 as Fed’s Clarida headlines cross the screens.
Drilling to the 5-minute chart, the price correction off the low has moved to the 38.2-50% of the move down at 1.2765-759. That is just a normal corrective move. Technically, if the price can move back above the 50% level, some of the water gets muddy for the trend move lower. Stay below, however, and the sellers remain in control. The 200 bar MA (green line) would also be a move bullish clue IF there is a rebound higher. That MA comes in at 1.27878 currently (see chart below).
Overall, sellers are more in control, but there is some apprehension ahead of the November lows. The 38.2-50% area will be eyed for more bullish clues intraday. So far, the buyers are trying to take more control (double bottom and has tried to get above the 100 bar MA and 38.2%) but there is more needed to tip the scales more in the buyers favor.