Cracks below the midpoint of the range since the December 2019 high
The GBPUSD is trading to the lowest level since June 1 reaching a new low at 1.2442. That move lower has also taken the price back below the 50% midpoint of the range since the December 2019 high (to the low reached in March). The midpoint comes in at 1.24611.
Earlier today, the price also broke back below the 100 day MA at 1.25158. The price did spike above that MA level after the BOE decision, but quickly reversed.
Drilling to the hourly chart below, the price is also moving below the 50% midpoint of the move up from the May 18 low. That level comes in at 1.24423. Stay below the 50% on the hourly and the 50% on the daily is more bearish.
On the downside, the next target is a swing high from June 1 at 1.24248. Move below that and the 1.2400 natural support, followed by the 1.2362-73 and the 61.8% of the move up from the May 18 low at 1.23552 would be eyed.
For now, the sellers are making the play below the 100 day MA, below the 50% on midpoint on the daily and below the 50% midpoint on the hourly chart.
