Buyers effort failed
The GBPUSD moved higher in the Asian session and extended above its 100 hour moving average (blue line) into the European/London morning session. However, momentum started to fade, and the sellers started to lean against the 100 hour moving average (see blue line in the chart below).
The fall has taken the price back down to retest the 200 hour moving average currently at 1.38696. There has been a small breach to 1.38651, but the price has snapped back.
The price currently trades at 1.3886, between the 100 hour MA above at 1.3900 and the 200 hour MA below at 1.39696. The market traders are looking for the next shove. Get above the 100 hour moving average and the buyers are more control. Move below the 200 hour moving average at the sellers have the edge.