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GBPUSD moves to new week lows

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GBPUSD moves to new week lows

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Trading at the lowest level since October 15 to the London correction

GBPUSD moved to a new low for the week, breaking Wednesday’s trade lows near 1.37085. That low was also close to last week’s low.

The pair is gaining strength on the downside and then looks to the 38.2% retracement of the move up from the September 29 low. That level stands at 1.36722. The price just hit 1.36793.

Also close to the 38.2% retracement is the October 11 high at 1.3673. There was a swing high on October 14 near that level and a swing low on October 15 also near that level, which increased the importance of the levels.

The near risk now stands at the 1.37085 level. Staying down keeps sellers more in control.

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cnbctv18-forexlive-benzinga -Sp

GBPUSD moves to new week lows

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