Forex technical analysis: GBPUSD has some downside vulnerability

Trades below the 100 hour MA

The GBPUSD is showing some downside vulnerability in trading today. The price is below the 100 hour MA at 1.2985. It is also below a technical swing area in the 1.2985-90 area (see red circles on the chart below).

Admittedly, the price action is very up-and-down choppy today with the developments in Manchester on the minds of traders.

For sellers, a move below the 1.2968 level will be eyed for downside confirmation. It is equal to the 38.2% the move up from the May 12th low. The 200 hour MA and the 50% of the same move higher at 1.2942-44 should be a solid low target for the day, IF the price can stay below the 100 hour MA and 1.2885-90 area.