200 hour MA stalled the rally
The GBPUSD is higher on the day, and in the process moved to and way consolidated consolidated around the 100 hour MA at 1.4116 area. That MA was joined by the 38.2% retracement of the move down from the June high (at the same level).
The market eventually stretched up to the 200 hour moving average at 1.41313, but as found a limit at least for now, against that moving average level. Sellers have push the price back down to 1.4112 currently (and just below the 100 hour moving average/38.2% retracement again).
Going forward, getting above the 200 hour moving average is an important barometer for both the buyers and sellers. Stay below keeps the sellers more control. Move above tilt the bias more in the direction of the buyers (so the level is a risk defining level).
On the downside, the pair yesterday move below a swing area defined by lows for the month of June. That area comes in between 1.4069 and 1.40852. The move below yesterday triggered stops and a run toward 1.40335, but buyers quickly returned, and when the pair read started to use the 1.40692 as support, a floor was reestablished. Today, the price initially consolidated within at swing area range, but once buyers started to push above, the momentum started to come into the buy side pushing the price higher.