GBPUSD trades to a new low and tests a swing level over the last week or so

The GBPUSD moved below the rising 100-hour MA earlier and has seen more downside momentum over the last few hours. The price has now reached a target swing level near 1.26858. That level was a swing high and low going back the last 7 trading days( see red numbered circles). More recently it has been more of a floor.

Move below the level and traders will be looking toward the rising 200-hour MA at 1.2668. Below that the 38.2% and the 100 day MA come in between 1.26327 and 1.26399.

This article was written by Greg Michalowski at Source