Takes out last week's low.
The GBPUSD has broken below the May 23 low at 1.26022 and in the process is making a new low since January 3rd. Traders will now look toward a lower trend line at 1.2585 (see hourly chart below). A move below that target should open up the downside for more selling (if the price can stay below).
The new close risk for sellers is the old low at 1.26022.
Looking at the daily chart below, the price low on January 2 was at 1.25801. That too might be a level to eye.
The flash crash low on January 3rd reached 1.2441. The December 2018 low reached 1.24735. They would be targets on more weakness.
Right here though, traders need to decide if 1.2585 is a take profit/buy level (stops below 1.2580). For bears, a move above the 1.2602 level muddies the water intraday at least.
