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GBPUSD hits new weekly low

Trade is at its lowest since October 15 in the London patch

GBPUSD hit a new low for the week, knocking out Wednesday’s trade lows near 1.37085. This low was also close to last week’s low.

The pair gains momentum on the downside and then turns to the 38.2% retracement of the bullish move from the September 29 low. This level stands at 1.36722. The price just hit 1.36793.

The October 11 high at 1.3673 is also close to the 38.2% retracement. There was a swing high on October 14th near this level and a swing low on October 15th also near this level increasing the importance of the levels.

The closing risk is now at the level of 1.37085. Staying below keeps sellers more in control.

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