GBPUSD falls to support target at 1.2599. Can the price move below the target?

The better claims and GDP has sent the USD higher and the GBPUSD lower.

The price low for the GBPUSD has moved down to a downside target at 1.2599 (call it 1.2600). A move below that level is needed to increase the bearish bias technically today with the 50% of the move up from the May 25 low the next key downside target at 1.25771.

Sellers now will eye the 1.26238 area as close resistance. Stay below is more bearish and keeps the sellers in control.

This article was written by Greg Michalowski at Source