Also swing high from Monday’s trade at 1.2344
The GBPUSD as rotated down over the last 5 hourly bars and in doing so, fell back below the 50% retracement and 100 bar moving average on the 4 hour chart at 1.2392 area. The subsequent wander lower has now taken the price to the swing high from Monday’s trade and the 200 hour moving average (green line in the chart below).
For the time being I would not surprise to see buyers leaning against his level. The run higher today took out technical levels. It is normal that when the momentum slows (like it did when the price move back below the 50% midpoint), the price action returns to other technical levels for a retest.