2nd verse same as the 1st in the GBPUSD

Yesterday in a post on the GBPUSD I wrote:

....The headline news in the GBP pairs can come from a number of different directions. There is Covid. There is the flows from stocks and there is also Brexit. That can make trading particularly volatile as we just witnessed.

Technically, the 200 hour moving average (green line) is near the 50% retracement of the range since October 16 and at 1.3017 area. Ahead of that is the swing area between 1.29921 and 1.3000. Stay below tilt the bias more to the downside.

On the downward extreme we know the 1.2910 area is a support level that the market leaned against earlier. Below that and traders will be looking toward the 100 day moving average at 1.28644 ahead of the October 16 low at 1.28554.
2nd verse same as the 1st in the GBPUSD

Looking at the hourly chart above, the 200 hour moving average and 50% retracement was joined today by the falling 100 hour moving average (blue line) near the same area (between 1.30157 1.3025). The highs today reached in the late Asian/London morning session peaked right against those moving average lines (and marginally above the 50% retracement). Traders leaned and pushed the price back to the downside into the New York session.

The price is approaching the lower swing area between 1.2910 at 1.29183 as outlined yesterday the support. The price is currently still off that level I.29343, but be aware on further weakness today.

To buyers come in against level again?

The 2nd verse can be the same as the 1st. That is risk can be defined and limited, so there is always the expectations that low risk traders will lean against support with stops below. If the level was broken, the 100 day moving average remains the next target at 1.2868.

Stay above the swing area below, and there is always the chance for a run back higher.

Remember as well that headline news can come at any time for this pair. So be careful.