The support comes between 1.3283 and 1.32912

The GBPUSD is trading to new session lows and in the process has moved down to test the "main floor" going back to November 23. That area currently comes between 1.3283 and 1.32912.

The pair had moved below that level back on November 23, but it was quickly reversed. Since that time there have been a number of swing lows that have stalled in that area (see green numbered circles and lower yellow area). Buyers may look to lean against the floor with stops on a break below. Be aware.

The support comes between 1.3283 and 1.32912_

The selling momentum to the downside today got going after the pair broke back below the old ceiling between 1.3397 and 1.34054 (see blue numbered circles).

Yesterday the price spiked above that level. Today in the Asian session the level held support before moving up to retest the high from yesterday at 1.34408. Sellers leaned against that high and the double top proved to be the technical clue for increased selling pressure (see red numbered circles in the chart above). When the price fell back below the ceiling area today (blue numbered circles), buyers turned to sellers. The move to the downside was on.

More recently, the price has dipped back below the 200 hour moving average (green line) at 1.3346 and the 100 hour moving average (blue line) at 1.33543 and a rising trend line currently at 1.3327.

That trendline and moving average area will now be close resistance. Stay below tilts the bias more to the downside and keeps the sellers more control.

SUMMARY: The buyers had their shot above the ceiling both yesterday and today, but the double top stalled the run higher and sellers took back control.

Now with the price below the 100 /200 hour MAs, the sellers are making a play. However, they have to get below the floor (between 1.3283 and 1.32912) to increase the bearish bias.