Resistance at 1.3349-1.3354. A move below the 1.3322 should be more bearish.

The GBPUSD tumbled below an old trend line at 1.3406, then the 200 hour MA, 100 bar MA on the 4-hour (both at 1.3394) and the 100 hour MA (at 1.33763). The 38.2% of the move up from November 3 low was also cracked again at 1.3354. That is close risk now for the shorts in trading today.

The fall did take the price down to a lower trend line at 1.3322. The price did dip below that line to a low of 1.33172 on the tumble but in the current hourly bar, the price has found some buying against the level.

Did the price go too far too fast?

The range for the day is 129 pips. The 22 day average is 106 pips. So we are extended. However, the pair has been trending lower. Trends are fast, directional and tend to go further than trader's expect.

Looking at the 5 minute chart below, the selling has been steady without much in the way of a correction. The 50% of the last leg lower comes in at 1.3349. In a trending market, the sellers will often keep the pressure on with shallow corrections.

Watch that level for sellers. If the price moves above it and the 1.3354 level (38.2% retracement level), we will likely cruise into the weekend.

Get back below 1.3322 should be more bearish.