Pair stalled at the topside trend line earlier in the day
The GBPUSD tested a topside trend line earlier in the day and stalled against that trend line not once but twice (after Raab headlines) . That helped to put a lid on the pair. The price has been pushing lower since then.
The fall lower today initially stalled near a swing area in the 1.3078-86 area. The bounce was modest and we are now trading below that area (close risk). The pair is now breaking a trend line at 1.30675. Moving below is another step in the bearish direction in what has been a bullish week. The next target comes at 1.3050 which is the 100 hour MA. The 100 hour MA was tested on September 6th, September 10th, and September 12th. Each time, the price bounced higher. Can the pair bounce 4 times or is this the time for a break.
Now… we are heading into the weekend, so flows can come into play (one way or the other), but next week, the market will be taking cues from that 100 hour MA. Be aware. There are some chinks in the GBPs bullish armor.