Break higher today could not keep the momentum going. Still higher but trading back in the mid range area.
The GBPUSD has moved back lower in late London trading after an earlier run higher stalled. However, the price remains higher but trades mid range.
Yesterday, the pair was contained in an up and down range with trend lines above and below doing a fairly good job of defining the range. Today, the pair continued to consolidate sideways in the Asian session, but eventually broke higher in look toward upside target including swing levels from July 30 and August 5 at 1.2190, and swing low levels from July 29 of July 30 at 1.2211. The high stalled at 1.21089.
The fall back lower has seen the price stall at 1.21578 (so far). The underside of the broken trend line and the 100 hour moving average currently comes in at 1.21459. I would expect, that level would be a patient buying level in trading today.
If the sellers are to remain in in control intraday, watch the 1.2190 level for sellers to lean. Stay below more bearish. Move above and that would please the dip buyers in the pair.