Forex technical analysis: GBPUSD falls below  200 hour MA and 50%..again

Sellers should keep the pressure on....

The GBPUSD is trading at NY session lows and also is falling below the 200 hour MA at 1.5579 and the 50% retracement of the move up from the July 24 low to the July 29th high.

That combination has been breach two other times today only to bounce right back. Yesterday, it tried once and failed. This is the 4th try and it has quickly moved to the recent lows at 1.5560. A break below that level will have traders thinking lower. The 200 hour MA now becomes resistance.

Traders have been fooled three other times this week. I do not think they will be happy if it is a fourth. I expect sellers against the 1.5579 level (200 hour MA) to keep a lid on it this time.

Or they should.....