The GBPUSD moved higher in the Asian session and in the process moved back above its 100 hour moving average (blue line in the chart above). The break gave the buyers some control. The day's high price tried to extend toward the 38.2% retracement of the move down from the August 26 high (that level comes in at 1.16174). However, the high price could only reach 1.16085 before rotating back to the downside.
The last few hours have seen a break back below the 100 hour moving average followed by a run to the downside.
That run took the price down to 1.1495 which is near the swing low from September 1, and September 2. In trading yesterday, the price opened below that 1.1495 level and used that level as a resistance before trading above and below later in the day. The price did close back above the level setting up more buying in the early Asian session. .
What now?
The move back below the 100 hour moving average resets the MA level as resistance at 1.1550. On the downside the 1.1495 is now support after buyers stalled the fall against the level.
The buyers had their shot above the 100 hour moving average. They missed. As a result, sellers are more in control again.