The GBPUSD has moved lower after breaking below its 200-day MA and 38.2% retracement at 1.2812 and 1.2784 respectively.

The fall below those technical levels has taken the price to a new low going back to March 4 at 1.2710. That move also took the the price below a swing area near 1.2718 (see red numbered circles), but the price has bounced higher.

A move back below 1.2718 with momentum would have traders looking toward the 50% midpoint of the 2025 trading range. That level comes in at 1.26536 and below that, the 100-day moving average at 1.26291.

For sellers looking for more downside momentum, it would now take a move back above the broken 38.2% retracement and 200-day moving average to hurt the bearish bias.