The GBPUSD has reached the lower support target at 1.31074
The GBPUSD has reached a new day low and in the process has moved to test its 200 hour MA at 1.31074 (green line in the chart below). IN the process, the price has moved below the swing lows from Monday at 1.31166 and 1.31217.
Buyers are initially leaning against the moving average level. A move back above 1.3122 will give the dip buyers some confidence. Move below the 200 hour MA would have the dip buyers more nervous with the 50% retracement at 1.30812 as the next downside target.
This article was originally published by Forexlive.com. Read the original article here.