GBPUSD was back toward the break area from yesterday
In the earlier video, I talked about the 50% midpoint of the May 2023 trading range at 1.24933 as being a key level to get below if the sellers were to take more control. That happened over the last few hours of trading turning buyers into sellers. The price has since moved down to new session lows at 1.2456 and closer to the breakout area from yesterday between 1.2435 and 1.24497. The rising 100 hour moving average of 1.24314 is moving toward that level as well increasing its importance from a technical perspective.
The risk is back to the 50% midpoint. The closer risk might be the highs from last week near 1.2471.
Move below the low of the swing area at 1.24354 (and the rising 100-hour moving average) and traders will be looking toward the 200-hour moving average of 1.2398 (call it 1.2400)
To watch the earlier talk on the GBPUSD, click on the video below. The GBPUSD commentary starts at around the 3:00 mark.