GBPUSD comes off trend line on the topside. Can the sellers keep pushing?

Technical Analysis

Author: Greg Michalowski | gbpusd

Trades near lows and back toward technical targets

Like other pairs today, there is a battle going on in the GBPUSD.

Looking at the hourly chart, the price high stalled against a topside trend line today and has and backed off.  

The "back off" has taken the price down toward a target area defined by the high on Tuesday and Wednesday. Those highs were broken yesterday and stayed above.   The test today is support and will need to be broken to start working on other targets including the lower trend line and the rising 100 hour MA at 1.3046.

So sellers above, and buyers below.   The range is 63 pips with an month average of about 98 pips. There is room to roam on a break. 

The question is, "Can the sellers off the highs keep it up?" or "Does the trend for the week of buying the dips continue?".  

We've seen both in the trading activity so far today. 

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