> Heading into the new trading day, the GBPUSD is trying to hold above a key floor.

Technical Analysis

GBP

Heading into the new trading day, the GBPUSD is trying to hold above a key floor.

The GBPUSD is facing intense selling pressure, with the price breaking below key support levels. Traders are closely watching the crucial 1.2602-1.26137 floor, which will determine the direction of the pair in the upcoming trading session.

Greg Michalowski

Tuesday, 16/01/2024 | 20:57 GMT-0

The GBPUSD is back down testing the low for the day in what has been a big move lower for the pair today. The price of the GBPUSD is down -0.77% currently.

In the move lower today, the price finally broke away from an up and down area and away from the 100 and 200 hour MAs. However, at session low, the price is testing a key floor for the pair between 1.2602 and 1.26137.

In this video, I outline the dynamics of the floor and show why it is a key level for both buyers and sellers heading into the new trading day. Do you buy against the floor with a stop below, or look for the break and make the floor a ceiling (again)?