Earlier today, the price of the GBPUSD moved to the highest level going back to January 2022. In the process, the price moved into a swing area between 1.3411 and 1.3511 on the weekly chart (see red numbered circles on the weekly chart).. Seller on the first return to that area leaned against it and sold.
The price has moved down and has now broken below the rising 100-hour MA on the chart below (blue line). That MA comes in at 1.3338. The price is also now below the low of a swing area down to 1.33308. Close risk is now the 100 hour MA for traders looking for momentum on the break.
On the downside, there is some minor support at the 1.32977 level, and below that the 38.2% and the rising 200-hour MA which are both now at 1.32656. That is still a ways away, but as long as the 100-hour MA can hold resistance, moving lower is the bias in the short term. Getting to that level is an easy target.
The sellers are making a technical play. The short term bias is giving the sellers some control. However, the price still needs to stay below the 100 hour MA and reach the targets to increase the sellers control.