Lower and Lower: GBPUSD Sellers on the Downside
After being stalled at the 100 bar MA, the GBPUSD had run another leg lower.
It had considerably fallen below the 1.2200 level as it flirts with the downside.
Suffice it to say, the GBPUSD is in the process of stepping down. The recorded last leg lower (with the high of 1.22252 and low of 1.21641) had the 38.2-50% retracement at 1.21874-1.21947. Considerably this is now close risk for sellers keeping tabs on the trend.
Buyers should move above that area should they want the minimum control back from the sellers. If they fail, then the sellers and trend will continue to take hold of the reins.
Lagging on the 100 bar MA is already signaling a way down for the trend; it is flirting with the risk level. If the future sees no move above that level, the buyers will simply be at the mercy of the market.
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