Falling away from the 100 hour MA
The price of GBPUSD has cracked outside “the meat” of the trading range seen over the last 8 trading days in the 1.2190 to 1.2118 level (see red box). There have been extensions above and below the red box areas, but the runs (above and below) have been reversed relatively quickly. The high today stayed away from the upper extreme before heading lower.
The breaking of the 1.2118, has sent the pair toward the low at 1.2079. So far the price has reached 1.2094. Traders who sold the break may use that 1.2118 area as risk now. Stay below keeps the sellers in control.
The fall has also taken the price away from the 100 hour MA at 1.21526. The price fell below that moving average line on the last hourly bar, and stay below it in the current hourly bar. That helped contribute to the negative tilt and run lower technically.