GBPUSD continues its downtrend and has reached the next key target area at 1.2535. The February 14 low stood at 1.25343. Last week’s low price reached 1.25386. Today’s low price just reached 1.25389.
A move below this level would target the 2024 price low at 1.25171. Move below this level and it opens the door to further sales.
Today’s downward move placed price outside the value zone low at 1.2594, and also below the 200-day moving average (lower green line on chart above ) to 1.2586. Another level breached was last Friday’s low and the March 22 low near 1.2574. This is a near risk level for short-term traders looking for more downside. Staying below keeps the bias firmly in control of the bears/sellers.
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