The GBPUSD has completed the lap up and down that saw the price of the pair bottom yesterday at 1.35375, move up to a high today at 1.3619 and then back down to a low today just below the low from yesterday to 1.35348. The 38.2% of the move up from the January low comes in at 1.35338, and a swing area of lows from Feb 16 and yesterday cuts across there as well. There has been a bit of a stall against support.
On a break, the traders will look toward 1.3524 and then below that the 100 dya MA at 1.35038. The 50% midpoint of the move up from the January low comes in at 1.3500. Below that the low of the up and down range since Feb 1 comes in between 1.34858 to 1.34936.
On the topside, the pair cracked below the 200 hour earlier in the day and stayed below. As long as the price can stay below that level, the sellers are more in control.
Drilling to the 5 minute chart below, the falling 100 bar MA cuts across at 1.35634. That is also close to the 38.2% of the trend run lower in the NY session at 1.35621. Stay below, that area would keep the sellers in control in the short term.