The dip buyers against the 100/200 day moving averages in the GBPUSD near 1.1930, have seen a bounce up to 1.1966. That took the price just above the top of a swing area between 1.19579 and 1.1964. Sellers are trying to stall the corrective bounce near that area.
If sellers are able to keep a lid on the pair here, a retest of the key 100/200 day moving averages is certainly not out of the question. Breaking below would open the door for the downside momentum with the low price from last week at 1.19142 as the next target.
Conversely buyers would like to see the price get ABOVE the 1.1964 level - and stay above. On a break higher, buyers would look toward the 1.19887 low of the higher swing area. That swing area came between 1.19887 and 1.20102 (see chart above). Move below that level and the January (year) low would be targeted at 1.1840.
