The GBPUSD retraced higher in trading today and in the process returned to the falling 100-hour moving average currently at 1.2469. Sellers leaned against that level and have pushed the price back lower and below a swing area between 1.2435 and 1.2445. Staying below that level keeps sellers firmly in control. Stay below the 100-hour moving average at 1.24693 is a more conservative stop for sellers looking for more downside momentum.
On the downside, there is a swing area near 1.2386 – 1.2397. Move below that level in the April 21 low at 1.2366 will be targeted along with swing lows from April at 1.23521 and 1.2343