GBPUSD tests sessions lows

Discussion in 'Technical Analysis' started by ForexLive, Nov 7, 2015.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Correction held below 50% of the employment move lower The GBPUSD is back down testing the day's lows at the 1.5027 level. The pair plunged (even further) after the stronger than expected US employment report was released. However, profit takers entered to help push the price back up toward the 50% retracement of the payrolls trend move down. That level came in at 1.5089 and the high corrective price came in at 1.50859 With the correction holding the 50% of the trend move, and the price back testing the lows, the market is still supportive of the downside. Sellers remain in control. The next target support comes in at the 1.4969 to 1.5000 area (see chart below).

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