The GBPUSD is stretching to new 3-week lows and lows for the day. The price is also falling below a swing area between 1.3448 and 1.3475 on the hourly chart. Staying below that area would now give the sellers more control.
Looking at the weekly chart, the price has also reentered into a swing area between 1.3411 and 1.3514 (see red numbered circles on the chart below). Getting and staying below the 1.3411 level going forward would add to a bearish bias technically.
This article was written by Greg Michalowski at www.forexlive.com.
