GBPUSD breaks below key support level, signaling potential downside

<p>In the morning kickstart video, I outline the GBPUSD swing area floor between 1.2589 and 1.2602. That floor has now been broken. The low price has reached 1.25767.</p><p>For traders looking for more downside, risk is now a move back above the 1.2602 level. Staying below that swing area there is room to roam. </p><p>The next target would be between 1.2558 and 1.2568(swing highs from November 21, November 23, and swing low from November 24). Below that, and traders would look toward the 38.2% retracement of the move-up from the November 11 low. That level comes in at 1.2524.</p><p>It would now take a move back above the 1.2602 level to disappoint the sellers.</p>

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