August 8, 2022

Forex Solution

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The GBPUSD is moving below a swing area between 1.3790 and 1.3802

1 min read

Stay below keeps the bias in the downward direction.

The GBPUSD has moved lower after the better than expected retail sales.

Stay below keeps the bias in the downward direction._

In the process, the price moved below a swing area between 1.3790 and 1.38022. That area will now be eyed as close intraday resistance. Stay below 1.38022 and the sellers remain in control.  The door is also open for a move toward the 50% of the move up from the August 20 low. That level comes in at 1.37569. However, the price needs to stay below the 1.38022 level to keep the sellers happy, comfortable, and the buyers under pressure. 

The GBPUSD was trading between its 100 hour moving average at 1.38348, and 200 hour moving average at 1.38219 just before the retail sales report (the price was trading at 1.38248).  The data sent the price through those levels and on its way to the downside. The price has been trading above and below those moving average levels over the last week or so. If the price is breaking, it needs to put and keep space between the price and the moving averages going forward.

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