The GBPUSD moved up to test a topside trend line in the early NY session but found sellers The trend line cut across at 1.2926 at the time. The high price stalled at 1.29253. The selling has extended lower after the breaking below and away from its 100 hour MA at 1.2876.
The fall has taken the price to a NY session low at 1.28401. That took the price into the red for the day (below 1.2945), but the price has bounced marginally on the first break.
The failure above the 100 hour MA certainly does not help the buyers hopes. Falling into the negative would not be a great move either. Traders will be watching the 100 hour MA for clues going forward now as well. Stay below keeps the sellers in control. A move into negative territory is also more bearish.