As the dollar falls vs the EUR, CHF, JPY, it rises vs the GBP
As the dollar moved lower vs the EUR, CHF, JPY, the greenback has moved higher vs the GBP. The GBPUSD is moving back down to the European session lows at 1.2997 and a trend line at 1.2995. The pair is also moving below the 100 day MA at 1.30056 (more bearish technically).
Taking a broader look at the hourly chart, the 1.29808 to 1.3040 area has been home to most of the price action since midday on May 8th. The topside area (from 1.3033 to 1.3040) has been a swing level going back to the start of the month. The next targets are the lower trend line at 1.2996 (testing as I type), and then the lower swing area at 1.29808-859. The price did move below that lower area last Thursday on three seperate hourly bars, but each was short lived. Getting and staying below would be more bearish technically.
Close risk now is the broken 100 day MA at 1.30056.