Below low from last week
The GBPUSD has had an up and down day. The up came after inflation data showed that CPI rose by 3.1% - above the upper limit of 3.0%. The move higher took the price above the 100 bar MA on the 4-hour chart and back above a broken trend line. Those breaks failed, however, and the price rotated back to the downside.
The "down" has now taken the price below the low from last week at 1.33188 That low was also near the swing high going back to the November 1.
The price has the pair getting closer to the 50% retracement of the move up from the November 3rd low. That comes in at 1.32938. That is the next downside target for the pair. There tends to be a stall around the 50% retracement level.
