Major MA broken
The GBPUSD as broken below its 50% retracement of the move up from the September 2019 low at 1.27359 and now the 200 day moving average 1.27033. That tilts the longer term technical bias to the downside. Stay below the 200 day MA keeps the sellers firmly in control.
Staying on the daily chart the swing high from September 2019 comes in at 1.2581. The 61.8% retracement of the move up from the September low comes in at 1.25522.
Drilling to the 4 hour chart below, a lower trendline comes in at 1.26347. That is the next downside target for sellers to get to and through.
The moves below the 50% retracement and 200 hour moving averages is a step a big step in the bearish direction. Traders will be watching and using those levels for risk and bias clues.
