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Tries to go higher fizzle
The GBPUSD has been in more of a waffle for most of the day, but with the trend moving lower, the benefit of the doubt is on the hands of the buyers, and at the highs today, they could not extend much above swing levels in the 1.2722-32 area. The high reached 1.27349 and reversed back lower. So buyer are not winning.
The range for the day has just been extended to 63 pips on a move to new session lows. That is still short of the 93 pip average over the last 22 days of trading. So there is room to roam for the pair.
Looking at the hourly chart, an old trend line that was broken on Friday but failed, comes in at 1.2621. There is not much else technically to grasp on to. The pair is trading at the lowest level since June 2017.
What would change the bearish picture?
Looking at the 5 minute chart, the pair fell below a lower trend line from the last 2 days at 1.2680. The low from earlier today reached 1.26906. The 100 and 200 bar MAs come in at 1.2708 area (blue and green lines). Moves above those levels would muddy the intraday technical picture on moves above.
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