Although the UK is on a May Bank holiday and a Jubilee holiday today and tomorrow, the GBP is the currency.
Looking at the GBPUSD, it is a similar pattern to the EURUSD.
Yesterday, the price traded above and below its 200-hour moving average after holding support against the level on Tuesday. Sellers later took control near 1.2577, and pushed the price sharply lower. Unlike the EURUSD (see post here), the pair was able to extend below the 38.2% rebound of the move up from the May 13 low at 1.24705 (the low price reached 1.24578, but could not continue the momentum. The price closed yesterday). back above that key reproach level.
In trading today, the Asian session saw sideways up and down price action with a late session move back down to the 38.2% rebound. However again buyers came in and started pushing the price to the top in the European session.
The European session running to the top reached a high in the current hour bar at 1.25706. It is 200 hours moving averages moving sideways at 1.2577. Just above that level is the 100-hour moving average 1.25894.
The price has retreated against the high and is currently trading down at 1.2550. Moving averages give buyers some discomfort. On the downside look at the 1.2524 level as a close intraday support.