Forex technical analysis: GBPUSD tests 100 hour MA

Need to show sellers below

The GBPUSD is down testing the 100 hour MA at the 1.2941 level currently. That MA is rising, was breached in the London morning session, but just could not gather any momentum (and no closes below the MA line). After an hour bar reprieve (last hour stayed away from the line), we are back testing the line.

If broken, it should open the door for further selling BUT not the 200 hour MA, trend line and the 38.2% of the move up from the May 4 low. All of those technical levels converge at the 1.2926-275 area. When lots of technical levels converge it tends to attract a crowd of traders. So expect a stall there as traders take a breather where risk is defined and limited.

PS. The high today stalled where the highs for the week stalled. That certainly helped to push the pair to the MA support targets again.

PSS Looking at the 5-minute chart below, the last chop higher did stall at the 100 bar MA. The MA was used as a base on the way higher. Is it signalling a ceiling on the way down? Close risk level for shorts at 1.2956.