Trades at new session low.
The GBPUSD fall today is continuing in early New York trading with the pair reaching to a new session low and below the 1.2300 level. The pair is trading at its lowest level since April 8th. The GBP is just behind the NZD as the weakest currency of the day.
Looking at the daily chart above, last week the price rise stalled right at the 200 day moving average at 1.26459 currently (green line in the chart above). The price today moved further away from the 50% retracement at point of the range since December 2019 at 1.24611.
Drilling to the hourly chart below, the pair is testing the swing low from April 8 at 1.2286 area. A move below the 1.22819 (swing area) would open up the door for further downside momentum with the swing low from March 31 at 1.22395 as the next downside target. Other levels below would be the April 3 low at 1.22024 and the April 7 low down at 1.21616.
Close risk for sellers now comes in at a swing area around 1.2325 -29 area, and then the underside of the broken trend line at 1.23422 (and moving lower). The price over the last few hours has moved below that trend line (and 61.8%) and stay below (bearish).
