The GBPUSD is trading to a new low for the day and the week, and in the process is in closer to a swing area between 1.2105 and 1.2111.
Moving below that level and the 38.2% retracement of the move up from the September 2022 low comes into focus at 1.2076 followed by the low price for the payer going back to March at 1.20362.
As we head into the new trading week, those levels would be important targets on further downside momentum.
In this video, I show the technical steps needed to increase the bearish bias. Conversely, if the sellers cannot keep the momentum going, I outline what needs to be done to put the buyers back in control.