Pair back near middle of the value area
The GBPUSD is trading at new session lows in the process is testing/looking to break the 100/200 hour MAs. The moving average are currently near 1.3907. The price just dipped to 1.3899. The sellers are making a play below the levels. Stay below tilts the bias in favor of the sellers.
The GBPUSD has traded mostly between 1.3850 and 1.4010 over the last 15 or so trading days. There were moves below the low of the range, for a period between March 5 and March 9 and again on Tuesday (March 16), but the the vast majority of the trading has been between the aforementioned area. The MAs are between those levels. They represent a barometer for buyers and sellers in between the wider ranges.
