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Forex technical analysis: GBPUSD trades at new session lows, but bouncing

Discussion in 'Technical Analysis' started by ForexLive, Oct 28, 2015.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Moves below the month's midpoint The GBPUSD is trading at new session lows in the last hour or so of trading and in the process moved to and through the month's 50% retracement level at 1.53072 (for the 2nd time today). The next targets on the pairs bearish path (that is IF the bears can keep control) would look toward 1.52598 (61.8%), the October 13 low at 1.5200 and then 1.5156-88 where there were swing lows in June and September. Most of the trading going back to May occurred above this area. There was a 8 day period in Sept/Oct. where 7 of 8 days traded above and below that floor but it failed to ignite a move below the 1.5100 level (or get close to 1.5000).

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