Prices back above its 38.2% retracement broken earlier today

The price of the GBPUSD move down to test its next key target at the 1.34448 level. That is where the 50% retracement of the move up from the December 21 low cuts across. The low for the day reached 1.34498 and found early buyers against the 50% retracement level.

The price has since moved back above the broken 38.2% retracement 1.35057 and looks toward the low of a swing area between 1.352121 and 1.35347.  The low from last week reached in that area at 1.35313.  I would expect sellers to lean in this area, with stops on a break above.  Be aware.

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