GBPUSD led lower by the yen as well as another risk off day
It's turning into a bit of a rout for the pound today and we're now 156 pips from today's highs
Reece highlighted the 61.8 fib of the June move and that's been taken out in the last move
GBPUSD daily chart
We're finding support at 1.5450 and the next support under there is around 1.5420/25. Then we have the 38.2 fib of the Apr swing at 1.5408, the Jan 2009 support line at 1.5390. The Minor Nov 2014 broken resistance line swings through under there at 1.5377. There's pretty good technical support all the way down to the early Jun lows at 1.5170, and that will mark a big capitulation point for buyers from that level, if we break it.
1.5480/85 was a support level that was taken out pretty easily but it may have a stronger say on the way back up. As I type 1.5450 has gone too so look for resistance trying to build there also
We're looking at another risk off day right now and the pound it bearing the brunt. European stocks are just above their lows. The only thing of note is that European yields are down which suggests that the ECB may have their purse out
