EURGBP moves to new session lows and is being an influence in the GBPUSD
The GBPUSD is rotating back to the upside and looks to retest its 200 day moving average at 1.26805. Earlier in the Asian session, the price did extend briefly above that moving average level only to back off and move lower.
The London morning session saw a rebound to the upside after the price traded above and below its 100 and 200 hour moving averages.
A move above the 200 day moving average for the 2nd time today should open up the door for further upside. Stay below and the we could see traders get disappointed and rotation back down.
Helping the GBPUSD today is the weakness in the EURGBP (higher GBP). The price of that pair has broken below its 200 hour moving average at 0.89436 and is also moved below the 61.8% retracement at 0.89246. Stay below that level keeps the bearish trend intact.