The GBPUSD is higher on the day after and up and down trading day yesterday saw the pair close near the lows for the day.
Today, the pair was able to extend above its 100 hour moving average currently at 1.3314 and the 38.2% retracement of the move down from the mid-November high at 1.33151.
However, like yesterday, the sellers started to lean against its falling 200 hour moving average at 1.33357 (currently). The price of the GBPUSD has remained below its 200 hour moving average since November 22. It will take a move back above to increase the bullish bias.
The retracement off of the high has taken the price back toward the aforementioned 38.2% retracement and 100 hour moving average. The prices been trading above and below that area much like it did during most of the trading yesterday.
More momentum to the downside would look toward the 1.3276 to 1.3291 area. Although the price move below that swing area into the close yesterday, the early European session did find buyers against the low of that area (see red numbered circle seven). A move below that swing area would increase the bearish bias for a potential retest of the low from yesterday followed by the low from Tuesday's trading