GBPUSD moves down to test 50% and swing area down to 1.28449

The GBPUSD has moved down to test the 50% and a swing area between 1.2844 and 1.28719. The midpoint level is at 1.2866. The low price reached 1.2864 and is bouncing modestly.

The bounce will target the low from two weeks ago at 1.29064. Staying below keeps the seller in control

On the downside, the 200-day MA comes in at 1.28124. The last time the price traded below the 200 day MA was back in mid-May.

This article was written by Greg Michalowski at www.forexlive.com.