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The GBPUSD is trading modestly higher on the day (closed yesterday at 1.3070 and trades at 1.3076 currently) in what has been a choppy trading day.
The initial move in the GBPUSD was to the downside building on the down day from yesterday that first saw a price break higher (above 100 and 200 hour MAs and downward sloping trend line), only to reverse sharply lower helped by dollar buying on the Brainard comments.
The low today reached below the low from last week at 1.3049, but could only get to 1.3043 before reversing back to the upside. Failed break.
That failure saw the GBPUSD price return back to the underside of a broken trend line, and below the 100 hour MA (blue line). The last 8 hourly bars, however, have seen an up and down move lower that saw the price move back below swing lows from Friday and Monday. and back toward the close from yesterday.
The sellers are trying to regain more control, but the choppy trading suggests there are some buyers as well. Stay below 1.3092 will be eyed as a bias clue. Stay below and sellers are ok. On the downside get and stay below 1.3049 increases the bearish bias