100 day MA at 1.2994 area is helping to stall the fall.
The GBPUSD today – after wandering sideways in trading in the Asian session while using the 100 hour MA as a ceiling (blue line in the chart below) – started to trend lower and lower.
In the process, the pair broke below a trend line and 200 hour MA (green line at 1.30299 currently) and the 50% midpiont retracement at 1.30203. However, the price fall has stalled at the 1.3000 level and ahead of its 200 day MA at the 1.29944 area. The low for the day has reached 1.30007. The last few hourly bars has been waffling between the 50% above at 1.30203 and the 1.2994-1.3000 area. Traders will take clues from those levels in the NY session with the 1.30299 level (200 hour MA) another.
Drilling to the 5-minute chart below, the pair has two legs lower (so far at least). The first corrected to the 50% of the first leg down and resumed the run lower.
The 2nd leg lower has not been able to correct to the 38.2% retracement at 1.3022 (a weak correction off the 1.3000 and 200 day MA level). The 50% midpoint of that move is at 1.3028.
It will take a move above each retracement level (and the 200 hour MA at 1.30299) to weaken the bearish trend picture today. Right now, although there is cause for pause by traders leaning against the 100 day MA, the intraday trend bias is still alive below those levels.
Admittedly, there is a battle going on though.