GBPUSD went to the edge of topside resistance and found willing sellers

The dip buyers in the GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term today bounced the price off /near a nice round natural support level Support Level A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a Read this Term at 1.3000 (the low reached 1.29993). The price moved higher into the North American session and approach the falling 100 hour moving average, and also a swing area between 1.3080 and 1.30878. The price was able to extend briefly above the 100 hour moving average, but moved up to the upper extreme of the swing area and found willing sellers.

Buyers turned sellers, and the last five or six hours has seen the price rotate back to the downside.

The current price trades at 1.3038 after reaching a afternoon session low at 1.3020.

What next?

Unfortunately, the story remains the same. The falling 100 hour moving average (blue line in the chart above) along with the swing area up to 1.30878 needs to be broken if the buyers are to take more control.

Absent that and the downside remains the dominant bias. On the downside the 1.3000 level remains a natural support target. Move below that level, and the sellers can probe further.