The GBPUSD is another currency pair that has seen ups and downs in trading today. The initial move was to the upside and in the process, the price extended above its 200 hour moving average (green line in the chart above). The price also moved above its 50% retracement of the move down from the May 27 high at 1.22995 (a nice round number 1.2300). The high price reached 1.23236.
However, the price could not sustain the momentum above the 50% midpoint, and the price has since moved back down to retest its 200 hour moving average. That 200 hour moving average and the rising 100 hour moving average are now near converged at 1.2238. Those moving averages are now close support. Move below would be more bearish.
On the topside although the price did extend above the 50% retracement, that level is now close resistance for the pair.
So buyers and sellers are battling it out between 1.2238 on the downside, and 1.2300 on the topside. The current price is between those levels at 1.2270. Flip a coin.