There was a reports that the EU would make some major concessions and that sent the GBPUSD rumbling to the upside. The pair was able to crack above a swing area at the 1.2265 to 1.2274 levels (see yellow area) but the falling and converged 200 and 100 hour moving averages (green and blue lines) could not be broken. The news was denied. The price came tumbling lower.
Rumble higher. Tumble lower.
The pair is back in the consolidation area with close resistance at 1.2226 and support at the 1.2195 area. The 1.2226 is was a low from October 2 and was a ceiling after the fall yesterday and into the early hours today (a level to eye from the price action over the last 24 hours). A move above is a tilt to the upside intraday.
Looking at the daily chart the 61.8% retracement of the move up from the September low to the September high comes in at 1.21959. The low yesterday was just below that support target. There seems to be buyers leaning agianst that level.