GBPUSD has support at 1.2353-73
The GBPUSD peaked on Tuesday right near its KEY 200 dayMA (green line in the chart below) at 1.26819..
Actually, the price moved above the level to a high for the week at 1.26866, and failed. Later on Tuesday, the price revisited the MA (see top green line in the chart above) and started what has been a steady move lower since that time. In the process, teh 100 hour MA became a ceiling on Tuesday, Wednesday and again on Thursday (see blue numbered circles – bearish).
The low for the week was today at 1.2362. That took the price into a swing area going back to the end of May between 1.2353 and 1.2373. The price has bounced and retested the broken 61.8% of the move up from the May 22 low at 1.24086. It would take more momentum above the 61.8% now to potentially lead to more corrective upside probing.
On the downside, the pair lower channel trend line and the swing area at 1.2353-73 will be the downside target and level to get below for more downside probing. The next support target would not come until the 1.2290-95 swing area (see lower yellow area in the chart above).