GBPUSD falls toward the next target and finds buyers on the first look

The GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term moved to a session low of 1.21642. That got within 5 pips of the next key swing low target on the daily chart above from May 22, 2020 at 1.21591. Looking at that chart, a move below that level would target the May 18 low next at 1.20705. That was the lowest level going back to March 2020 (Brexit Brexit Brexit or British Exit describes the United Kingdom’s decision to formally leave the European Union (EU) as originally determined via a June 23, 2016 referendum. Since then, the ongoing debate over Brexit has had a strong influence on the country’s politics and currency, the British pound (GBP).The immediate aftermath of the referendum saw an extraordinarily tight vote and unexpected result, which collectively drove the GBP to lows not seen in decades.Originally following the referendum, former Brexit or British Exit describes the United Kingdom’s decision to formally leave the European Union (EU) as originally determined via a June 23, 2016 referendum. Since then, the ongoing debate over Brexit has had a strong influence on the country’s politics and currency, the British pound (GBP).The immediate aftermath of the referendum saw an extraordinarily tight vote and unexpected result, which collectively drove the GBP to lows not seen in decades.Originally following the referendum, former Read this Term tumble).

Yesterday, the price moved down to test the swing lows from the end of June between 1.2260 and 1.2265. The price of the GBPUSD broke below that area in the late New York session yesterday, and closed below. The price has stayed below that area in trading so far today. The corrective high into early US morning session reached 1.22472. The current price trades at 1.2220.

It would take a move back above the 1.2260 – 1.2265 area to give the buyers some hope.

Drilling to the hourly chart below, the price action has seen a rebound in early New York trading with the high price reaching 1.2247, but sellers have pushed the price back down. In addition to getting above the 1.2260 – 1.2265 area, buyers would need to push the price back above the 100 hour moving average (blue line in the chart below) currently at 1.23048 to give buyers some more hope.

Yesterday, the price trade above and below that 100 hour moving average level on CPI volatility flows, but the high price stalled near a higher swing high area between 1.2400 and 1.24107 (see red numbered circles in the chart below). The 200 hour moving average is near that area as well today, and would be a another target to get to and through if the buyers are to take more control going forward.