The GBPUSD took a look above its 100 hour moving average (currently at 1.29029). Looking at the 5 minute chart below, there was one 5 minute bar that traded bar 12 pips above the moving average level on the way to the session high at 1.2918 and a few other bars which peeked above by 3-4 pips.
The inability to keep upside momentum going did lead to a rotation to the downside. However, the price decline did find buyers against its 100 bar moving average on the 5 minutes chart (blue line). The price is currently testing that moving average line again as I type.
Staying above would keep the intraday buyers in the drivers seat. It also increases the moving averages importance going forward. The European morning session also found support buyers against the moving average level.
A move below the moving average, however, would weaken the intraday technical picture. The 200 bar moving average at 1.28423 is near a swing low intraday level at 1.2841. That would be the next target on further downside momentum.
On the topside the 100 hour moving average at 1.29028 continues to be a level that would need to be broken - and stay broken - if the buyers are to keep (and take) more control from the sellers. Recall from last week the pair fell around 500 pips on the week. So sellers have been in firm control.
Today's move to the upside could still just be a modest correction into moving average resistance. As a result it would take a break above the 100 hour moving average to solicit more short covering.
Prime Minister Boris Johnson is currently speaking. That has led to some selling in the GBPUSD as traders are reminded of the uphill Brexit battle.