The GBPUSD tests the June low. Key support on hourly chart too.

Technical Analysis

Author: Greg Michalowski | gbpusd

The 1.25053 is the swing low from June. The low reached 1.25109 so far

The GBPUSD has moved lower on the stronger dollar moves and in the process is testing the low from June at 1.25053. THe low reached 1.25109 so far. 

The 1.25053 is the swing low from June. The low reached 1.25109 so far
Looking at the daily chart a move below that target would have traders looking toward the December 2018 lows at 1.24748-78 area. Below that sits the flash crash low from January 3rd, 2019 at 1.24417 (I hate those flash crash lows).  

Drilling to the hourly chart, connecting highs from June 28 and July2, the pair is also testing the underside of the broken trend line increasing this areas importance for both the bulls and the bears today.  Key level.  There ar mulitple reasons at the same area. Break and stay below will have traders just looking lower (it has to keep below though).  

On the hourly, there is not much support until the 1.24589 lower trend line.  That comes after the December 2018 lows at 1.24748-78 area from the daily chart.  

GBPUSD on the hourly chart also has support at the 1.2505 area
The range for the week is now 201 pips. 
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