The ups and downs continue
The GBPUSD has backed up after a test of the 100 hour MA stalled the rally.
The price action remains up and down with the 100 and 200 hour MAs (at 1.27922 and 1.28097) in between a wider range (between 1.2772 and 1.2896). The corrective price reached 1.27966 (see earlier post)..
The lower trend line comes in at 1.2749 now. That trend line stalled the fall earlier in the day. Ahead of that is the swing low at 1.2765 (from Nov 21 and 22).
If the levels above cannot be taken out, the path of least resistance are levels below (and visa versa) until that time when the price breaks out.