That is nothing new this week.
The GBPUSD had trouble on moves above the 100 hour MA yesterday (see post from yesterday: GBPUSD has trouble above 100 hour MA today) which led to buyers giving up. The targets (as per the post) was the 200 hour MA and then the 200 day MA.
A break below the 1.3100 should solicit more selling with the rising 200 hour MA at 1.3062 and the 200 day MA (which did a good job of holding support yesterday) at 1.30514 levels to get below.
Today, the price tested the 200 hour MA in the Asian session and bounced. Then fell below the 200 hour MA and staled at the 200 day MA (the MA is a little lower today at 1.3047 - the low reached 1.30444 and bounced modestly).
The pair has traded in at 1.3044-71 area over the last 5 or so hours. The 200 hour MA is above at 1.30871. That level is resistance (what was support is now resistance).
The 200 day MA at 1.3047 remains the key level to get and stay below on the downside. This week, the price tested the 200 day MA no Tuesday, Wednesday and again today. Is it a key level? YES.
So, sellers are still more in control, but the bears need to push below that level to get more downside momentum. The 1.3000-06 area would be the next target. Failure to break lower, would likely lead to a wander back higher toward the 200 hour MA. S
