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The GBPUSD has seen the price action bottom in the early hours of the NY session at 1.19516, run up for 3 hours to a high of 1.20326 and then rotate back to the downside and nearly retrace the run higher. The low just reached 1.19522.
Technically, the run higher saw the pair move above the 38.2% retracement at 1.1978 but fall short of the next key target at the 50% retracement of the move down from the June 27 high at 1.20456 (got within 12-13 pips).
The price has since moved back below the 38.2% retracement of the same move down, along with a swing area around that level between 1.1975 and 1.19876.
That is a disappointment for the buyers.
Nevertheless, the buyers today are still looking to hold some intraday support on the 5 minute chart.
Looking at that chart below, the pair ran up after an late Asian session dip took the price briefly below the 100 bar MA, but stayed above the rising 200 bar MA. That MA stalled the fall in the Asian session and is being approached currently (at 1.1947). The 38.2% of the move up from the last low from Friday is also near that level. If the short term MA can stall the fall, it may give the buyers the go-ahead to push back to the upside. Absent that, and I would expect the buyers to give up.