Key level for buyers and sellers
The GBPUSD is retesting its 100 and 200 day moving averages at 1.2720 area. The 2 moving averages in your converged near that level. The earlier break below today reached 1.2711 before balancing higher. BOE's Bailey look to walk back the idea of negative rates and the price bounce back hard (to the tune of about 154 pips).
That move higher has now seen the price rotate all the way back down toward the days lows. A break of the moving averages should solicit more selling.
Key barometer and support level for both the buyers and sellers.
