The GBPUSD has fallen to a new session low and in the process tests the 200 hour MA and a swing area between 1.3801 and 1.38116. The 200 hour MA comes in at 1.3797. The low price just reached 1.38015.
The buyers leaned and now the pair trades between the 100 hour MA above (which has seen up and down price action around the MA today, and the aforementioned 200 hour MA.
A break below the 200 hour AM will likely lead to further downside momentum. as the pair moves into the lower end of the trading range.
A break back above the 100 hour MA and sellers likely throw in the towel as the technical bias not only gets back above the 100 hour MA, but will also be moving back above the 50% midpoint of the range since March 18.