Closes lower for the first time since July 16
All good streaks come to an end and the GBPUSD’s 10 day streak of higher closes came to an end today. The pair last close lower back on July 16. On July 17 the low price reached 1.2511, but closed higher on the day. This week the low was reached on Monday at 1.2772. The high price extended to 1.31694 earlier in the New York session.
In the New York afternoon session, the price fell below a broken trend line at around 1.31133 level, and made new session lows in the last hour of trading at 1.3069. Yesterday’s close was around 1.3094. It’s not a disaster but it’s something new.
Taking a broader look at the daily chart, the high for the day stalled ahead of key resistance from the swing highs from January and March. Those levels came in at 1.3199 to 1.32116. The high price today extended to 1.31694 before rotating back to the downside. Should there be more upside momentum next week keep those levels in mind.