GBPUSD breaks below key moving averages, signaling bearish sentiment ...Middle East

100-hour moving average: 1.26508100-day moving average: 1.26415200-hour moving average: 1.26327

If GBPUSD remains below this cluster, sellers will have greater control, increasing the likelihood of a deeper move lower. However, a failure to hold below these levels would indicate a false breakdown, allowing buyers to regain momentum.

Sellers are attempting to establish dominance after GBPUSD recently hit its highest level since December 18. The next major downside target lies at 1.2608, a key confluence zone that includes:

The broken 38.2% retracement of the recent moveA swing level dating back to mid-November

For now, the battle remains at the broken moving averages—staying below favors sellers, while a recovery above could shift momentum back to the bulls.

This article was written by Greg Michalowski at www.forexlive.com.

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