Tests the January 2018 low
Helping the GBPUSDs run up is a weaker EURGBP.
Looking at the daily chart above, the price has moved back below the 200 day MA at 0.88296. Earlier in the month the price traded below the MA line but could not sustain selling. The low for the month reached 0.8808.
The low price just stalled at the 0.8808. If the price can get and stay below that level (and stay below the 200 day MA), that should open the door for further downside potential.
Overall, the pair has it’s share of ups and downs over the last 3 months. The last peak did stall at the 38.2% (last week’s high) and this week, the price has not been able to close above the 100 day MA (blue line in the chart above). So sellers are more in control. Can they keep the control (stay below the 200 day MA) and move below the 0.8808 swing lows. It is time for the sellers to take more control if this selloff is to continue.