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The GBPUSD has moved below a swing area floor between 1.3321 to 1.3341. That area found support earlier today, but remained a key area for both buyers and sellers. Stay above and the floor remains in place. Move below and the floor gives way. The floor has given way.
Downside momentum has driven the pair to a fresh low at 1.3292, keeping sellers firmly in control. The next key target sits at the August 5 low of 1.3259. A decisive break below that level would shift focus toward the 200-day moving average at 1.3167—a benchmark the pair hasn’t traded under since early April.
That moving average also aligns closely with the 38.2% retracement of the 2025 range at 1.3140, and falls inside a broader swing area between 1.3140 and 1.3203. This zone represents a critical test: if reached, it could either attract buyers looking for value or open the door to an extended downside push.
For now, the path lower remains the bias as long as the pair holds beneath today’s broken floor. Sellers will be eyeing that cluster of support levels as the next major destination.
This article was written by Greg Michalowski at investinglive.com.
US home builder stocks have fallen about 9% this week, in part because President Trump posted over the weekend to berate them, saying they’re sitting on too many empty building lots.
“They have to start building homes,” Trump wrote.
That was followed by Bill Pulte — the same person who has been spearheading the politicization of the Fed — writing this:
“When I was young and growing up in the Pulte Homes business, Big Homebuilders had less than 10% of the market. Today, that number is 50% and some say 60%. With great market share comes great responsibility … I encourage all builders to realize this, and sooner rather than later.”
Pulte is the grandson of the founder of Pulte Homes, which has a $24 billion market cap. That last line of his post sounds like a threat and that’s part of the reason that home builders are down but it’s not all.
The market is increasingly worried about a re-acceleration of the US economy, leading to higher rates. Consumer spending indications are improving while the US government continues to run massive fiscal deficits. That could ultimately lead to Fed rate hikes or higher Treasury yields.
Have a look at the chart of the homebuidlers ETF ($XHB) and note the failure to take out the old highs along with a head-and-shoulders top in the past month. The homebuilding industry is already in a harsh recession and is being strangled by higher labor prices due to deportations.
This isn’t a good combination for them.
This article was written by Adam Button at investinglive.com.
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