The GBPUSD moved up in the Asian session, and in the process was able to extend above the 100 hour moving average. Recall from yesterday, the price stalled right against that moving average level (and also the low of a swing area between 1.3286 and 1.32912).
Today, the pairs earlier move higher above the lower 100 hour MA, moved up into that higher swing area, but could not sustain momentum toward the 200 hour moving average (green line). The 200 hour moving average has not been broken since November 22. If the buyers are to take more control from the sellers, getting above that moving average would be STEP 2 (with STEP 1 being the 100 hour MA).
As a result of the failed break, buyers turned to sellers, and the early trading in the North American session has taken the price back down to test the low from yesterday's trade and the swing low from late Friday near 1.32201. There is some stall near that level. A break below would look toward the Friday low at 1.3208 and then the 2021 low of 1.31929.
