The GBPUSD on the hourly chart

The GBPUSD moved above the 200 hour MA on Friday, and moved back below. It moved above the MA on Monday and stalled again. Today, the price moved above again and the price has once again moved back below the MA line. The third time was NOT the charm.

Moreover, the highs have been lower over the last two trading days.

FYI....Prior to the last 3 trading days, the price had not traded above that MA since November 22.

What does it say?

There is some "bullish" in the market. Otherwise, sellers would have leaned against the 200 hour MA and the breaks would not have occurred. So there is some buying interest. However, the upside momentum is limited. The buyers get nervous. The sellers are hiding in the weeds.

That keeps the sellers in play/more in control on the failed breaks.

The price is currently trading between the higher 200 hour moving average at 1.32421 and the lower 100 hour moving average at 1.32214. A move below the 100 hour moving average would next target the 1.3208 lows from December 3 and December 7 . Below that and the swing area near 1.3190 be the next target ahead of the lows from last week at 1.13698 and 1.13588.

Of course support can hold at each of those levels. Key would be getting and staying below the 100 hour moving average and that has not happened yet. So there is a battle and somewhat neutral bias between the 200 hour moving average at 100 hour moving average that can keep buyers and sellers in play.

Nevertheless with the third time not being the charm, buyers still need to prove that they can get and stay above the 200 hour moving average. Failure to do that and they aren't winning.