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GBPUSD tilts to the downside and looks toward low swing area

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Pair trades to new session lows

Pair trades to new session lows

The GBPUSD is moving to a new session low (as I type) and in the process is moving back away (to the downside) away from its 100 and 200 hour moving averages at 1.4150 area (converged MAs).

The pair is approaching a lower swing area that comes in between 1.4110 and 1.4120 (see red numbered circles).  The price did move below that floor area for the week yesterday on its way to a new cycle low at 1.40726 (lowest level since May 14), but momentum could not be sustained and the price rotated back to the upside on the break disappointment.  

Move below 1.4110, and stay below will tilt the technical bias more to the downside with 1.4100 the next target followed by the recent swing lows including 1.4091 (May 27 low), 1.4085 (June 3 low), 1.40822 (June 4 low) and 1.40726 (low from yesterday).

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