GBP/USD edges below 1.2426

Since the last update here on the GBP/USD, the Pound has been grinding lower. Just now it fell below the prior low on the day, at 1.2426. This price point was noted in an earlier update as potentially setting in place a double bottom at the exact same level on the daily charts. However, that potential was never endorsed here and just now the Pound took out the prior low and has slipped to a new low on the day at 1.2418. This is all about the dollar, because the EUR/USD has just fallen to set a new low on the day too, at 1.0414. As to whether the GBP/USD will base ahead of 1.24 and bounce again remains to be seen. In terms of immediate technical levels on the downside, there is not much in place below the 1.24 handle until one gets to the 21 day moving average (still falling by the way), currently at 1.2359