Trading near low levels going back to February 12

The GBPUSD is moving to new session lows and is trading at the lowest level since February 12. The price is also dipping below the 38.2% retracement of the move up from the 2015 low to the 2015 high. That level comes in at 1.53216. The next target looks toward the 1.5298 to 1.5307 area. This is the low trendline off the hourly chart (see chart below) and the high form Feb 11.

If support does not hold there, the pair could be on its way to 1.5350-68 area (1.5250 is the 50% of the 2015 trading range).

Keep an eye on the 1.5298 to 1.5307 for support buyers. A move back above the 38.2% at the 1.53216 will be eyed for confirmation that the low may be in place.