The GBPUSD moved higher yesterday but could not sustain momentum and get above the 38.2% retracement of the May trading range. The inability to extend above that level was a big failure for the buyers. The sellers are back in control.
The price decline today has taken the pair below the 100-hour moving average, but the price has rebounded. The 200-hour moving average at 1.23872 is now close risk. If the sellers can keep the lid against that moving average, they are in firm control. If the price moves above it and above 1.23974, the seller’s advantage starts to erode.
GBPUSD buyers had their shot yesterday. They missed.