Traders looking for a break

The GBPUSD is consolidating in a narrow trading range above and below the 50% of the move lower from the recent high at the 1.2895 level, and the 100 and 200 hour MAs at 1.28968 and 1.28901 respectively.

Traders looking for a break

Combining the levels, the 1.2895 to 1.2901 is the consoldation technical area that has the traders stuck. The price has traded to a low of 1.2892 to a high of 1.29028. The pair needs a bigger shove away from the area.

The price currently trades below those levels as sellers try to make a play to the downside.

If the price can wander below the 1.2884-87 area (see red numbered circles), there should be more interest from the sellers again.

Conversely, if the buyers can get the price back above the 200 hour MA at 1.29011, the 61.8% at 1.29125 would be the next upside hurdle that if broken would open the door for more upside gains.

Summary: The GBPUSD consoldates with a modest tilt lower as buyers and sellers figure out the next move. The 1.2895 to 1.2901 is the neutral zone. Breaking below 1.28848 would give sellers more confidence, while a move above 1.29125 should help to give the direction bias more of a shove in that direction.