GPBUSD broke to the downside but is trying to bounce higher quickly. What would worry sellers/buyers?

币界网报道:Looking at the one-hour chart for GBPUSD, from May 23 to June 25, price movement was “primarily” between 1.34137 and 1.3633. Price did attempt to break below the lower band on June 19 and June 23, but failed to sustain the downward momentum and bounced higher. There was a brief breakout failure before breaking higher and above the highs of the consolidation zone on June 25. However, momentum did emerge on June 25 and ultimately pushed the pair to a yearly high of 1.3787 yesterday. Today, the pair fell sharply as politics took center stage, leading to a massive sell-off in bonds. The 10-year yield rose from 4.44% yesterday to 4.60% today (reaching as high as 4.68%) due to a lack of confidence in PM Starmer’s government. Liquidations caused GBPUSD to move lower, with a technical break back into the consolidation zone and a break below the 100-hour and 200-hour moving averages (blue and green lines on the chart). The lowest price move stretches to the 50% midpoint from the June 23 low to the high reached yesterday. However, this breakout was short-lived and prices have since rebounded higher. The question for buyers and sellers now is whether prices can get back above the consolidation zone (above 1.36335) and stay above that level. If it can and does get back above the 200 hour moving average at 1.36438, then the sell-off will look more like politically motivated and could lead to further upside momentum to 1.3673 to 1.3683 and then the 100 hour moving average at 1.37211. Alternatively, if this area does serve as resistance, we are back to a range bound trading range with the technical bias favoring the downside over the upside.

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