New low to 1.2333
The GBPUSD continues its fall and trades at a new low going back to October. The price has reached a low price of 1.2333.
The downside has been able to extend below the 1.2441-748 swing area, and a lower one at 1.2353-816. The low to high trading range is up to 302 pips. The average of the last 22 days is 134 pips.
Drilling to the hourly chart below, the price fall in the New York session initially stalled between the 1.2441 to 1.24748 area. After a correction, the pair made the run toward the support area and broke this time. The low reached down to 1.2321 so far.
Going forward, the swing area up to 1.24724 is the risk for shorts looking for more downside momentum. The swing area also lines up witth the 38.2-50% of the move down from the high today. Stay below keeps the sellers in control. Move back above, and the sellers lose some of there downside momentum.
