Below the 100 bar MA on the 4 hour chart
The GBPUSD moved to the lowest level since September 12. The low reached 1.2302. That was just below swing levels at 1.2305-126. The price rebounded higehr.
On the topside today, the high 4-hour bar stalled at the 100 bar MA at 1.2380 (blue line currently at 1.23874). That MA is joined by swing level from two weeks ago (high), last week (low). This week, the price fell below that swing area and has stayed below so far.
In between those two swing areas is the 38.2% retracement at 1.23429. Yesterday, the price also broke below a lower trend line (currently at 1.2375). For the bulls, staying above the 38.2% and moving above the trend line at 1.2375, the 100 bar MA on the 4-hour at 123874 and the swing area at 1.2383 to 1.23917 are the topside targets to get above.
For the sellers/bears, a move back below the 38.2% at 1.23429 could/should tilt the intraday bias back to the downside.
Looking at the daily chart, the resistance area is joined by swing lows and swing high from back in July. So the swing action this month and from back in July are in synch increasing the areas importance.