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Forex technical analysis: GBPUSDs next target. Breaks below 1.4200.

Discussion in 'Technical Analysis' started by ForexLive, Jan 19, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Trading below 2010 low at 1.4227/30 area. The GBPUSD fell below the 1.4227/30 level which now has the price trading at the lowest level since March 2009. The low extended to a low of 1.4205 (whoops being broken now). There is option support at the 1.4200 level (UPDATE: NOW BROKEN). Comments from BOE Carney did not help to support the pair. Technically, the market failed in its attempt to get and stay above topside trendline and extend above the 100 hour moving average earlier today(blue line in the chart below). The last time the GBPUSD traded above the 100 hour moving average was back on December 29, 2015. Today, got close but no cigar. Bears remain in control.

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