The GBPUSD trades to a new session low
The GBPUSD moved to a new low going back to mid -April earlier today after taking out the June low at 1.3786. The low price extended to 1.37643, but bounced higher in the London/early New York session.
The run back to the upside extended above the swing low from Tuesday’s trade at 1.38132. That level was also tested yesterday before breaking lower in the New York afternoon session. Trading today has seen the price move above and below that level, but the last peak could only get a few pips above the level before rotating back to the downside over the last 4-5 trading hours.
Sellers are making a play and it is the 2nd one today. If they are to keep control, stay below the 1.3786 to 1.37943 is required. There was already one failed break below that level. Sellers would not be pleased to have two failures.