Waffles under that 200 hour MA line
The GBPUSD is waffling back and forth over the last 7 or so hours after an earlier run higher took the price racing through the 100 hour MA (blue line at 1.26708 currently) and up to the 200 hour MA (green line). That 200 hour MA was retested again in the NY session and backed off for the second time today. Looking back to Monday, the pair also used that MA as a ceiling level to lean against. Stay below and sellers can claim victory. Move above though and those sellers are likely to give up. The GBPUSD has been squeezing higher since bottoming yesterday.
Brexit remains a key risk for anything with GBP in its name. So be aware that trading in the pair can be influences by news headlines. So be sure to define and limit risk.
If selling against the 200 hour MA, the 1.27000 level is another key level. A move above that level would increase the bullish bias.
On the downside, the 100 hour MA at 126208 will be eyed as a support target to get through if the selling is to pick up again in this pair.