The GBPUSD has been runing lower as the expectations for the BOE tilts more to the downside. BOE's Vlieghe and Tenreyo are both leaning to cut rates.
The price of the GBPUSD opened week lower and moved lower. However, looking at the 4-hour chart, the low for the day did find some support at a lower trend line connecting the November low with the December lows. That line cut across at 1.29585. The low for the day reach 1.29603 and bounced. A support level has been found.
Drilling to the 5-minute chart, the pairs bounce is working toward a intraday test of the 100 bar MA at 1.2993. Do the sellers lean? Can they get below the lower trend lne and continue the trend lower? Those are the support and resistance levels that traders are facing now.