Takes out London morning session low at 1.2357
The GBPUSD is trading to a new session low after falling below the London morning session low at 1.2357. The price has reached 1.2347.
Technically, the move to the downside today got started after the day’s high stalled right at its 200 hour moving average (see green line in the chart above). The move to the downside took out swing support at 1.2385-88. The corrective low off of the London session low did reach up to 1.23926, but could not sustain momentum. The last two hourly bars have seen the price rotate lower with increasing momentum.
The risk now for shorts is up at the 1.2385 – 88 area. It would be great for the sellers to keep the pressure on below the 1.2357 London morning low. That is close risk now.
On the downside, the pair is entering the lower choppy trading from April 21 to April 24. The 1.2300 area was a interim support floor that would be a target for further selling momentum now.