Can it stay below finallyThe GBPUSD is making new session lows and in the process is making another play to move away from the 100 and 200 hour MAs and the 100 bar MA on the 4—hour chart. All come in in the 1.3194-96 area.
The price has been below those MA on 3 other hourly bars (this is the 4th). The high on this bar has stayed below the cluster. So sellers are trying to make a bigger push.
With 3 other tries and 3 other fails on the break, can you expect a 4th?
Perhaps but the holding of the level on this hourly bar is perhaps the clue that sellers are «more sure» now . Putting it another way, «It is now or never». Risk is those MAs. Stay below and the bears are in control. Move above, and sellers are not showing they can keep control.
PS the EURGBP has bottomed near the low from yesterday. The modest bounce is helping to pressure the GBPUSD a bit.