GBPUSD falls below key floor/old ceiling area | Forexlive

The GBPUSD has moved below the lower swing area between 1.19416 and 1.19543 (see morning video here). That level has been a floor this week. It was a ceiling between November 16 and November 21. Sellers will now use that level as a risk defining level. The 200 hour moving average at 1.1975 is also a level to stay below if the sellers are to remain in control in the short term.

On the downside, the 61.8% retracement of the move up from the November 18 low comes in at 1.1911. Move below that level and it opens the door for further selling with the natural support at 1.1900 and another target swing level at 1.18524 as the next levels to eye on the downside. The 1.18524 level was a swing high going back to November 11,and a swing low low from November 22 before the run to the upside that led to the high at 1.21526 last week.