For the GBPUSD, the US trading session started the day by falling below the 100 hour moving average(blue line in the chart) and then extending below the 200 hour moving average(green line in the chart below). The sellers were in control. However the ISM nonmanufacturing data came in weaker than expectations and the price quickly moved higher. That rally moved all the way up back to the 100 hour moving average were sellers have once again leaned.
Staying below the 100 hour moving average keeps the sellers apply.
So overall, being above the 200 hour moving average is more bullish, but stay below the 100 hour moving average (and the 38.2% retracement of the May trading range at 1.24492) is more bearish.
As we head into the new trading day, buyers and sellers will be looking for the next shot outside of those risk and buying define support and resistance levels. Until then, ping-pong between them keeps price more in a neutral bias.
GBPUSD trays between us 100 and 200 hour moving averages