BOE members speak at 1415 GMT
Ahead of testimony my BOEs Carney, Broadbent, Haldane and Tenreyro, and after some weaker than expected jobs data, the GBPUSD is trading near lows for the day.
Technically, the price has pushed below swing highs from Feb 13/14 at 1.3922-23. Earlier today there was a low at 1.3926. The price is trying to stay below that area. The price did fall below the 200 bar MA on the 4-hour chart at 1.3917, but currently trade above that level. The 61.8% of the move up from the Feb 9th lows was probed at 1.39089. Below all that is the lower trend line (see green numbered circles) at 1.3890 (and moving lower).
The market seems to be treading water at a support area and ahead of other support below. There is some waffle going on.
If the price wanders higher, the 200 hour MA at 1.39538 will be eyed as resistance that sellers have to stay below if they look to keep in control. Yesterday, the price fell below the MA line but stalled at the trend line. Today the price traded above and below, but over the last 4-hours, the price has kept a lid against that MA line.....
PS we are seeing a little push above the 1.3926 level now. There may be a little more corrective now but watch the 1.3953 level to attract sellers.
