Fails on the move above .its 200 hour moving average and stalled ahead of the 38.2% retracement.
The GBPUSD fell back below a key swing area between 1.3745 and 1.37582 yesterday. The 100 hour moving average is also broken.
That move was more bearish as long as the price remain below those levels.
Looking at the price action today, the Asian session high stalled against that area and the 100 hour moving average (blue line). However in the European/London session both the the 100 hour MA and the swing area was broken. The high price extended above the 200 hour moving average but stalled ahead of the 38.2% retracement of the move down from the March 18 high at 1.37962.
Currently the price remains just above the 100 hour moving average, with the corrective low of the intraday high stalling between the high and low of the swing area (see yellow area in the chart above with green numbered circles).
Technically, the sellers had the shot below the swing area and the 100 hour MA (blue line). They failed.
The buyers are trying to gain more control but they need to stay above the aforementioned levels to do so. Getting back above the 200 hour moving average (green line) at 1.3776, and the 38.2% retracement 1.37962 are essential for a more bullish view technically.
Time will tell. For now however the buyers are clinging onto more control.
