Like the EURUSD, the GBPUSD tests the falling 100 hour MA and backs down
The 100 hour MA (blue line in the chart below) comes in at 1.40784 currently. The price high reached 1.4077 and backed off. Traders did not like the first test of the MA since falling below last Wednesday. Sellers showed up.
The pair is currently trading back toward a swing low at 1.4035. The 100 bar MA on the 4-hour chart comes in at 1.40284.
Below that the 1.4011 will be eyed as a key barometer for bulls and bears. That level is the 50% of the move up from the March 8th low. On Thursday and Friday, the pair stalled against that line. The Good Friday close, dipped below the line, but that was more than likely a wider spread in the illiquid holiday market vs. a bearish move.
With the price at 1.4040, we are in the middle between the 50% floor at 1.4011, and the ceiling against the 100 hour MA at 1.4078. So buyers and sellers are in a battle. Nevertheless, the battle lines are drawn against those levels at the start of the day/week and month. Be aware.