The activity in the GBPUSD is quiet today after reaching a new year high on Friday but rejecting that high. The previous high came in at 1.6299 and new high came in at 1.63083. Not much momentum on that break. So the price came down to the 100 hour MA on Friday (blue line in the chart above ) and today that level was breached. Later the 200 hour MA (green line) was broken.

Support from lows from September 14 and September 19 stalled the decline today. Of note, however, is how the price has been able to stay below the 200 hour MA (green line) over the last 3 hourly bars. Stay below (at 1.6202) and the bears remain in control, with the 1.6182 and 1.6166 the next downside targets. The 1.6166 level is the broken 61.8% of the move down from the 2011 high and is also near where the underside of the broken trend line from the same 2011 high is found (see chart below).

With activity quiet and more two way, although the bias is negative below the 200 hour MA, a swing back above that MA line should disappoint the sellers looking for more. So pay attention to the level for trading/bias clues.