GBPUSD tests key support levels, eyes downside targets

The GBPUSD continues its run to the downside and has reached the next key target area at 1.2535. The low price from February 14 came in at 1.25343. The low price from last week reached 1.25386. The low price today has just reached 1.25389.

A move below that level would target the low price from 2024 at 1.25171. Move below that level and it opens the door for further selling.

The move to the downside today got the price outside of the value area low at 1.2594, and also below the 200-day moving average (lower Green line on the chart above) at 1.2586. Another level breached was last Friday’s low and the low from March 22 near 1.2574. That is a close risk level for short-term traders looking for more downside. Staying below keeps the bias firmly in control of the bears/sellers.

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