Early buyers on the first test today
Of course the Brexit negotiations will start today and that has the GBPUSD feeling a bit anxious. The price has moved to the downside today and in the process cracked below the 100 hour MA and 200 hour MA (blue and green lines). The price also moved away from a swing area in the 1.3180-85 area. There was some attempts to jumpstart the upside around those levels, but the attempts were feable and they failed (see yellow area).
The fall took the price below the 200 hour MA (green line) and toward the 100 day MA at 1.3093. The low today reached 1.3098. Early buyers against the level leaned against the risk defining level and the price has rebounded modestly. For sellers, getting and staying below that key MA will be key. Dip buyers against the level DO NOT want to see a break. Key barometer for the bulls and bears today.
The bearish tilt today will be muddy if the price were to be able to get back above the 200 hour MA at 1.31483. A move above that level would muddy the waters for the traders.