Trades below the July low a 1.23815..
The GBPUSD has falled to a new 2019 low on the break of the July 17th low at 1.23815. The price has traded to 1.23755 so far.
In trading to new 2019 lows, the pair is trading at the lowest level in 27 months (April 2017). The next target from the weekly chart above is at the April 2017 low at 1.2364. The March 2017 low was at 1.23599. Moves below those levels open up the downside even more.
The price action this week has seen the price move below the 1.2441-748 area (see yellow area on the chart above). That area is defined by 2018 lows and weekly lows from June and early July. Last week, the price fell below that level only to rebound back above. This week, the pair will close below that swing area….(see red circled numbers).
Drilling to the 5 minute chart, the pair has accelerated and trended lower in the NY session. The session in the London and NY session has been able to stay below the 200/100 hour MA (there was a brief move above the 100 bar MA in the London session but stayed below the 200 bar MA). It cracked below a lower trend line in the last couple hours that accelerated the fall.
The 38.2-50% of the last trend leg lower comes in at 1.2396-1.2400 now. The trend line cuts across in that area. For the trend traders looking for more, that area is a risk/trend defining area. Stay below, keeps the trend intact.