Below 100 day MA and hourly MAs as well
The GBPUSD traded above and below its 100 day MA on 4 of the 5 days last week. Today you can make it 5 of the last 6 days as early session trading did see the price move above its 100 day MA at 1.24837.
However, the price rise could not keep upside momentum, and the price rotated lower (helped by the weaker EU PMI data). The fall has now taken the price below the 200 hour MA at 1.24374 (green line). That level is also near lows from September 18 and 19.
Admittedly, the price has traded above and below that MA line over the last 6 or so hourly bars. So the price is not running lower. However, the bears are trying to keep the pressure. AND the price is the farthest away from the 100 day MA (on the downside) since last Tuesday.
Remember, the rise above the 100 day MA was the first run above since May (see daily chart below), and although there were 4 separate runs higher, each ended up failing to keep the momentum going. That is not what you want to see on a break above a key technical level lke the 100 day MA.
On the downside, the next targets come in at the swing levels in the 1.23827-917 area (see lower yellow area on the hourly chart above). Below that, the 38.2% retracement of the move up from the September low to the September high comes in at 1.23429.
Those levels would be minimum corrective targets, if the sellers are to keep the bias control below levels like the 200 hour moving average, and especially the 100 hour moving average and 100 day moving averages.
