After the run higher on Monday, the sellers have taken control into the end of the week
The GBPUSD moved sharply higher on Monday in a trend day higher. The buying took the price to the high for the week on Tuesday at 1.40084. Since then, the price has marched lower with the pair dipping below the 200 hour MA yesterday and reaching the low for the week at 1.38229.
In Asian trading today, the buyers were able to force the price back above the 200hour MA and sellers turned back to buyers. The high price extended up toward a swing area between 1.38847 to 1.38948 and ahead of a topside trend line. The price has moved back to the downside over the last hour or so on some USD buying. That pushed the pair back to the 200 hour MA, where buyers have stuck a toe in the water against the level. It will take a move below the level (and then the 50% at 1.3838) to increase the bearish bias intraday.