The 200 hour MA is catching up to the price too
The GBPUSD is ping ponging between the 100 hour MA above and the 200 day MA below. The 200 hour MA is also catching up to the 200 day MA creating another technical target to get below if the sellers are to take control. Which way do you like it? Traders will be looking for a break.
Tilting the bias more to the downside, in my view, is the 100 week MA comes in at 1.3172 and after trading above and below that level ahead of the amendment votes, the pair move below and stayed below (see RED horizontal line). The correction higher after the test of the 200 day MA yesterday, also stalled ahead of the 100 hour MA. Today saw that same pattern.
Sellers are leaning. They just aren't pushing hard enough to get below the 200 day MA (and then 200 hour MA). Those levels will still need to be broken. Until then, there stands the chance for a move back higher. However risk is defined near the 100 hour MA with the 1.3172 another hurdle on the topside.