The London high stalled at the 1.2892 level

The GBPUSD is down testing the 38.2% of the move up from the June 21 low at the 1.28605 level. The low reached 1.2857 earlier in the session but failed and rebounded back up toward the low from July 5th at 1.2892. When that level held, the price has rotated back to the 38.2% level. The price is still having trouble breaking and running. Dip buyers are leaning. Look for momentum on a break but right now the sellers against 1.2892 and buyers at 1.2860 are battling it out.