GBPUSD breaks below key support level, signaling potential downside

In the morning kickstart video, I outline the GBPUSD swing area floor between 1.2589 and 1.2602. That floor has now been broken. The low price has reached 1.25767.

For traders looking for more downside, risk is now a move back above the 1.2602 level. Staying below that swing area there is room to roam.

The next target would be between 1.2558 and 1.2568(swing highs from November 21, November 23, and swing low from November 24). Below that, and traders would look toward the 38.2% retracement of the move-up from the November 11 low. That level comes in at 1.2524.

It would now take a move back above the 1.2602 level to disappoint the sellers.

This article was written by Greg Michalowski at Source