100 hour MA is support. 200 hour MA is resistance
The GBPUSD is higher on the day but remains limited by topside technical resistance.
Looking at the hourly moving averages, the day started above the 100 hour MA (blue line in the chart above). The price dipped but held above the lower moving average level (currently at 1.38129).
The price was lifted off the 100 hour MA and trended up toward the 200 hour MA (green line) and the 50% retracement of the move down from the June 23 high. They are both converged at 1.38653. The high price reached 1.38611 a few pips short of those two levels as sellers leaned. The price has rotated back lower and trades at 1.3848.
Buyers leaned against the 100 hour MA. Sellers leaned against the 200 hour MA. A battle is underway as each try to assume more technical control. At some point there will be shove outside the range.
IN between those two levels near the 38.2% at 1.3833 is a swing area with some highs/lows going back to June 18. That area will be eyed for intermediate technical bias clues.