Choppy day, but the last intraday rally stalled at the 100 hour MA. Below 100 day MA now (risk)
The GBPUSD has had a choppy time of it today. The pair saw a sharp run higher that stalled at the 200 hour MA, then a sharp fall to 1.2870 swing area (see blue circled numbers).
What tilted the bias more to the downside now, is the recent correction higher, stalled at the 100 hour MA AND we are back below the 100 day MA.
If the ups and downs are over, the 100 day MA should be risk now. The price should trade lower.
Now, there is a key level on the downside too that if the sellers are to take more control, would need to be broken. The 50% midpoint of the 2019 range comes in at 1.28346. The low yesterday reached 1.28318 and bounced. A move below both would be eyed by sellers who want more and more from the GBPUSDs selling.
