The BOE surprised with a 50 basis point hike (25 basis points expected), and the GBPUSD spiked higher on the news. However, the move above the 100 hour moving average could not extend to the high price from last week. The move higher failed. The rotation to the downside retraced the full trading range for the day. The buyers had the shot and they missed.
What next?
A move to new lows would have traders targeting the 200-hour moving average. That level comes in a 1.27077. Recall from yesterday, that level found support buyers near it.
On the topside, it would now take a move back above the 100-hour moving average at 1.2778 to give the buyers another shot.
GBPUSD buyers had their shot. They missed.