Could not get above 200 day MA
The GBPUSD opened the NY session higher and moved up to retest the 200 day MA at 1.26802 (see earlier post). The price could not extend above that key MA level (it was the 2nd test of the day), and when the price fell back below the 200 hour MA at 1.2643 currently, the buyers turned to sellers.
The fall took the price below the lower 100 hour MA (blue line at 1.26113) and rotated to a low of 1.2551 before bouncing higher. That move up retested the 100 hour MA and found sellers.
That retest of the 100 hour MA and hold keeps the sellers in control. Tempering the bearishness is the price still remains above the 100 day MA below at 1.25271. However, if the sellers are in control, we should see a revisit of that MA going forward.
In the short term, watch the 1.25697. That is the 50% of the move up from yesterday. Move below it, and stay below, and it could attract more selling interest at least in the short term.