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Forex technical analysis: GBPUSD falls back below MA levels

Trades at session lows as stocks open

The GBPUSD is trading at session lows after the better US retail sales. US stocks are getting off and running with the S&P index up about 17 points. This is off a bit from the levels just after the retails sales (up about 23 points).

Technically, the pair is breaking back below the 200 and 100 hour moving averages. Those levels come in at 1.44885 and 1.44688. The price has been doing that all week though. As a result traders should be cautious. The next target at 1.4444 and then the 50% of the last move higher at 1.44076.

Earlier today the price stalled at the 1.4563-78 area. The high yesterday was 1.4563. The high from Wednesday was 1.4578. With the price down at the lows (and taking out the lows), it has completed a Friday lap. IF the sellers really mean it, they should now lean against the broken trend lines. If this is just Friday liquidity flows, those levels won't matter much.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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