The GBPUSD - like the EURUSD - has seen a volatile up and down session today. The pair is back down making new session lows annd in the process has moved below a swing area defined by thte 50% retracement at 1.20261 and swing lows down to 1.2002. STay below that area would be needed to give the sellers the needed comfort on the break back down. A move back above 1.2026 would spoil the bearish party once again.
Technically today, the morning high moved up to retest its falling 100 hour moving average (currently at 1.20768) and found willing sellers.
The last 3 to 4 hours have seen steady decline to the downside. As mentioned, that move took the price back below the 1.2000 level to a new session low of 1.1986. However, there has been another bump higher and back above the natural support/resistance level at 1.2000.
That takes some of the bearish break out of the market, but it would likely need a move above 1.2026 to really spoil the bearish momentum.
On the downside, the 61.8% at 1.1963 (also near swing low from July 25 and July 26) will be the next downside targets for the pair.
