The GBPUSD continues to find sellers against its 100 bar moving average on the five minute chart.
The GBPUSD is trading to new session lows and in the process is making a new low going back to March 2017 (taking out the low from yesterday’s trade).
Looking at the five minute charts above, the pair continues to find sellers near its 100 bar moving average (blue line in the chart above). That moving average currently comes in at 1.22213. If the buyers are to take any control from the sellers, a move above that moving average (and staying above) would be needed to potentially solicit a corrective move higher).
Until then the sellers remain in control.