GBPUSD technical update: Target in the GBPUSD reached at 50% retracement

<p>In an early video on the <a href="https://www.forexlive.com/terms/g/gbp-usd/">GBPUSD</a>, I spoke to the pair's next target coming at the key 50% midpoint. More specifically, I wrote:</p><p>"On the downside, the next key target comes against the 50% midpoint at 1.28658 (see chart below). The level also corresponds with a modest swing area going back to July 10 and July 11."</p><p>That level was indeed reached and true to the technicals, the buyers leaned. The price of the GBPUSD moved higher. </p><p>What now?</p><p>The price earlier today moved below the 38.2% retracement at 1.29309 and the old lower channel trend line. That line held resistance today and will be a target near 1.2921 ahead of the 38.2%. </p><p>If the sellers today are to keep firm control, staying below those levels is the best-case scenario. Move above, and we could see more upside probing on the selling disappointment below those technical breaks. </p><p>PS. The buyers at the 50% would also be more comfortable.</p><p>You can watch the earlier video <a href="https://www.forexlive.com/technical-analysis/the-gbpusd-is-sharply-lower-after-lower-cpi-in-the-uk-sellers-take-more-control-20230719/" target="_blank" rel="follow">HERE</a>.</p>

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