GBP/USD has broken back below the 1H moving averages again in yesterdays trading. Price is now holding above the 1.30810 pivot level in an APAC session consolidation. I’m eyeing a retracement into the 1.31260 pivot level prior to a downside continuation. Alternatively if price is able to break above the moving average ribbon look for resistance at 1.3200.

The 50 hour average is also declining rapidly, and will likely confluence with the 1.31260 level during EU session today, giving another reason to sell cable today. Over the last week we’ve seen USD strength, JPY downside, and EUR downside.