Swing area between 1.2808 and 1.28137
The GBPUSD has moved to a new session low and in the process cracked below a swing area between 1.2808 and 1.28137. That area is defined by recent lows on September 14, September 15 and again today. The area now represents close risk for sellers.
The break below that level takes the price into the extreme low area for the month of September. Swing lows from September 10 September 11 September 14 come in between 1.2761 at 1.2775. Those are the next downside targets for the pair.
The range for the GBPUSD is up to 167 pips. The average of the last 22 days is 137. Brexit and now increased risk for a 2nd wave of Covid are catalyst for declines.
Taking a broader look at the daily chart, on further weakness the 100 and 200 day moving averages are near converged at 1.2727. That would be the next key target on further downside momentum.
