Below 38.2% but above a swing area at 1.3092-99
While the focus is on the Draghi press conference, the GBPUSD has been consolidating the days declines below its 38.2% retracement (from the Feb 14 low) at 1.31287 but above the swing area (and low for the week) at the 1.3092-99 area. The low today reached 1.3107 so far. The current price is at 1.31138.
Earlier today, the sellers leaned against the 100 hour MA (blue line in the chart above). That gave sellers the edge, and scared the dip buyers who leaned against the 38.2% level yesterday. Sellers remained in control on the turn away against that key MA level.
For now, although the seller are in control, more mometum above the 38.2% could lead to more buying as the bias shifts. In contrast, a break below the 1.3092-99 area, will have traders looking toward the 1.3060 area (50% midpoint of the move higher).
PS EURUSD making new session lows at 1.1242.