GBPUSD builds another trend leg lower on the intraday chart

In the morning video, I discussed the trend move to the downside and earmarked the 38.2-50% of the „last trend leg lower” as the minimum target to get and stay above to tilt the intraday bias a little more to the upside. That was the minimum.

GBPUSD trends lower

The corrective move higher at the start of the NY session moved up to test the 38.2% at 1.10916 and backed off. The high reaches 1.10957. The last 80 or so minutes has seen another trend leg that saw the price move from 1.1095 to 1.0959. The 38.2-50% of that trend leg comes in at 1.1011 to 1.1027. Like the other trend leg, it will now take a move above that area to give the buyers some hope that the trend is over and that there could be more corrective action to the upside. That is the minimum. However, if it can be breached it would be a slowing of the trend.

Ethan Andrews

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