The GBPUSD moved above its 100 hour moving average (blue line in the chart above) for the first time since April 21 on Friday, and closed right near the moving average level (blue line in the chart above). That moving average represents a barometer for buyers and sellers in the short term.
In trading today, the price has trading above and below that moving average level swinging the bias from bullish to bearish and bullish to bearish again.
The last three or so hours has seen a move back below the moving average level, and we are seeing increased momentum to the downside. The 100 hour moving average comes in at 1.25447. The low price just reached 1.25047. The current price trades at 1.2511. It would now take a move back above the 100 hour moving average to increase the bullish bias.
Going back to last Wednesday, Thursday and Friday, there are intraday swing levels between 1.24905 and 1.25022 (see red numbered circles in the chart above). A move below that area would have traders looking toward the extreme from last week which saw the price moved down to 1.24103. That was the lowest level since July 2020.
Taking a broader look at the daily chart below, the 61.8% retracement of the move up from the 2020 swing low cuts across at 1.24936. That level comes between the swing area from the hourly chart increasing that areas importance from a technical perspective. A move below should lead to more downside pressure.