The GBPUSD broke lower in trading today after falling below a floor area between 1.2687 to 1.26988 area. That increased selling pressure and the price has now reached and breached the 38.2% of the move up from the May 25 low at 1.26413. The pair has targets at 1.2624, another swing target at 1.2599, and 50% of the move up from the May 25 low at 1.25775.
It will take a move back above the broken swing floor to really hurt the short-term downside bias.
This article was written by Greg Michalowski at www.forexlive.com. Source