GBPUSD moves below the swing zone between 1.26598 and 1.2670

The GBPUSD moved lower – USD higher – on the Fed decision and in the process moved below a swing area between 1.26598 and 1.2670. The 100 hour moving average at 1.26736 was also broken. That area is now facing a high level. Staying below is more bearish.

On the downside, the next target area comes against a swing area between 1.2596 and 1.26147. A move below that level would then target 1.2565 followed by other swing levels going back to November at 1.2523, 1.2506, and the lowest level since November at 1.24865.

Looking at the daily chart below, the 50% median, also cuts at 1.26147 increasing the importance of levels on both the hourly chart and the daily chart.

Sellers are making a play below the 100 hour MA and the swing area between 1.26598 and 1.2670 with the next targeted support area starting at 1.26147.

Resistance Levels:
- Swing Range: 1.26598 – 1.2670.
- 100-hour moving average (MA): 1.26736.
  - This area, which is now broken, works against the immediate from the top. Staying below reinforces the bearish trend.
Support levels:
- Getting started support: Swing range between 1.2596 – 1.26147.
  - This area is critical because it overlaps 50% Fibonacci retracement on the daily schedule, increasing its importance.
- Additional Downside Targets:
  - 1.2565: Key support level.
  - 1.2523 and 1.2506: Swing lows since November.
  - Low November: 1.24865.
Market trends:
- Sellers are maintaining control, pushing the price below the 100-hour MA and the swing area at 1.26598 – 1.2670.
- Bearish momentum is still in control as long as the price keeps below this protection zone.
- Break down below 1.2596 – 1.26147 selling pressure could accelerate to deeper support levels.
Main focus:
- Look for price action at 1.26147critical level shared by both the hourly and daily charts.
- If this level is not maintained there could be further decline towards it 1.2565 and beyond.
- Buyers had to get the money back 1.26598 – 1.26736 area to neutralize the bearish bias and indicate a possible reversal.