Still above the low from last week though
The GBPUSD is running to the downside and making new session lows as I type. The pair cracked back below the 100 hour MA (at 1.37499 currently) in the late London morning session, and has been able to find sellers near that MA on retests. The last two hourly bars, are seeing more momentum to the downside.
The 100 hour MA is also in a swing area better seen on the 4-hour chart (see chart below) between 1.3745 to 1.3758.
Old swing areas can come back and become important weeks later. Clearly, the area was a strong ceiling until broken in early February. The pair did fall below the level earlier this month and did run about 70 pips before rebounding back above. The high price yesterday stalled near the 50% and falling 100 bar MA. Selling near there was a bearish tilt, which DID see more follow through downside today (with limited risk).
Sellers are now making a play below the swing area for the 2nd time this month. Traders will put faith in that area as bias defining and risk defining areas. Stay below keeps the bias to the downside, and also defines risk for shorts in case it does not do what is expected.