GBPUSD tests low from yesterday (and near 1.1500)

The GBPUSD has also been dragged lower on the back of the Russian pipeline news and in the process has moved down to test the low from yesterday at 1.14977. The low price just reached 1.14992 and stalled.

For the trading week, the GBPUSD price has closed lower each day. The price is down for 6 straight days counting last Friday’s decline as well.

Over the 6 days, the price has falled from a high of 1.1900 to the low yesterday at 1.14977 (or 503 pips).

Technically, the price moved below the 100 hour MA last Friday. On Tuesday, the pair corrected higher and sniffed the falling MA level, but stayed below. A downward sloping trend line did a good job of holding the rallies on Wednesday and Thursday , but did move above today as momentum lower slowed ahead of the US jobs report and some short covering ahead of the report sent the price above falling trend line.

The high today, however, could not get back above the low from Wednesday at 1.15996 (call it 1.1600). The Russian news turned buyers to sellers (and has sent the pair to new lows).

Continued selling would have traders looking toward the March 2020 low (Covid shutdown low) at 1.1403. Looking at the weekly chart below, the high today stalled right near the low from July at 1.17594. The high this week reached 1.17597 before turning around to the downside. Sellers leaned and kept the sellers in firm control. The pair is down for the 3rd week in a row and 4 of the last 5 weeks.