In a previous post on the GBPUSD, we discussed the breaking of the converged 100/200 moving averages and the swing area down to 1.24208 in GBPUSD . A further decline would target the upward sloping trendline and Wednesday's low near 1.23974. Currently, the pair is testing this low and the trendline, with the recent low reaching 1.23985. There is a pause in the downward momentum.
If buyers enter the market at this point, they would want to see the price move back above the 1.24208 level for reassurance. However, a break below 1.23974 would be disappointing and likely lead to further downside probing/selling. The next target area for the pair lies between 1.2343 and 1.2360.
Key barometer being tested. Will the support do its job and hold support now?