Approaches s support target
The BOE earlier today pretty much left the door ajar for further easing but acknowledged the post-Brexit has not been as bad as initially thought. There was a lot of US data. I am not sure it was a game changer for the Fed. Retail sales were negative.
In any case, the GBPUSD has taken a more bearish track for the day, after a rally yesterday and into the Asian Pacific session fizzled out. Higher up, the 100 bar MA on the 4-hour chart seemed to be a catalyst - at least generally. In the early part of the Asian Pacific session, the price moved above and ran higher. Later in the day (into the London session), the price moved back below the MA line and that "area" against the MA line, was more of a ceiling (it traded above at times but only by a few pips).
Currently, the pair is moving lower and trades near the day's lows. Below is a support target that held on Tuesday and in the early part of Wednesday. That support comes in against the 200 hour MA on the 4-hour chart at the 1.3164 level. Yesterday, the price did tumble below the level but quickly rebounded. Do the patient buyers wait for it and buy? Will sellers from above take profit against the level? If you need a level to lean that is the next target to define and limit risk.