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GBPUSD falls to the lowest level since July 14
The GBPUSD moved to a new session low as London/European traders look to exit. The price extended to a low of 1.17911, below the natural support at 1.1800 and a swing area going back to mid July between 1.1802 and 1.1807. The price has rebounded back above those levels and currently trades at 1.1813. Watch the 1.18000 as a short term trading bias defining level. Move back below is more bearish. Stay above and it may give dip buyers some hope.
The low for the year was reached on July 14 at 1.17594. That remains the next key target and is always a tough level to crack. That low was the lowest level since March 2020 (pandemic low). That low reached 1.14116.
Drilling to the 5 minute chart below, the falling 100 bar moving average on that chart currently comes in at 1.1849. Getting above that moving average would give dip buyers against 1.1800 some short term comfort. Absent a move above that moving average level and the sellers are still in firm control.
GBPUSD needs to get above the 100 bar MA