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The 100 hour MA has stalled the rally twice today
The GBPUSD has been up to the 100 hour MA twice today and each time, sellers have leaned. The latest was during the last hourly bar. Like the early European test, sellers leaned.
The pair has seen up and down price action with a myriad of comments from EU and UK officials on the Brexit negotiations. The fall to the downside stalled ahead of the 50% retracement at 1.28401. The move back above the 200 hour MA saw up and down price action as buyers and sellers tried to gain some advantage only to be fail on the volatility.
With the 100 hour MA stalling the rally twice, the sellers are looking to keep a lid on the pair (with stops likely on a break above).
On the downside, the 200 hour MA is wishy washy, but the 50% seems to be a level the “market” is paying attention to. Move below the 200 hour MA, look for momentum. The key level would be the 50% from a technical perspective now.