The Cable breaks new trend lows and long term trend line.

The GBPUSD broke the long term trend line at the 1.2600 level on Friday and continued the fall to trend lows today as we are now targeting the 1.2500 level which is the 127% Fibonacci extension of the last move higher. We may find support there as the daily RSI is reaching oversold and is divergent. Bears should take note.

Blake Morrow