Move below the 1.3400 level eyed now
The GBPUSD moved higher and away from the 200 and 100 hour MAs (blue and green lines in the chart above at 1.3377-82 area). The high today reached the high from Monday and stalled at the 1.34175 level. ON the move higher the price moved above a trend line that comes in at 1.3400 currently. After the better existing home sales data, that trend line is being tested.
A move below the 1.34000 level would give sellers the upper hand again (after the double top). The MAs become the next key target to get to and through.
If the level holds now, the sellers might give up and make another run at the double top. Key intraday test as traders trade the levels.