The GBPUSD is trading to a new session low at 1.1496, and in the process tested an old ceiling from the month of October near that level. That ceiling was broken last Wednesday and was retested on the downside on Friday (see red numbered circles 12 – 15 in the chart above).
Moving below the level – and stay below – would next target the low of a swing area down to 1.14595. So far, dip buyers are leaning against the risk defining level (stops below?). The current prices trading back up at 1.1510 as I type.
Drilling to the hourly chart below, should the support level be broken and traders will look toward the 38.2% retracement of the move up from the October 21 low at 1.1421. Below that, the rising 200 hour moving averages at 1.14032 will be eyed.
On the topside, the rising 100 hour moving average (blue line in the chart below) at 1.1552 would be needed to be broken to give the buyers more comfort and control. Earlier today, the price fell below that moving average level after trying to hold support against it. The price has been able to stay below the moving average over the last 3 trading hours giving the sellers intraday control with the target at 1.1495.
So a battle is on with the close support at 1.1495, and upside resistance near the 100 hour moving average at 1.1552.