We have seen these level before....In fact twice today

The GBPUSD is back down visiting a familiar tech level for the 3rd time.

The 5 minute chart above is telling because it shows the activity today as the 200 day MA was approached.

The 200 day MA comes in at 1.5320. The price ventured below in the London morning session and reached a low of 1.5345. Around the time NY traders were entering for the day, a 2nd look below the 200 day moving average occurred. This time, the level was only pierce by one pip.

SO two tests and not much in the way of a desire to go much below.

The range for the pair today is only 58 pips. That is only 53% of the normal 22 day average range of 111 pips. SO there is room to roam on a break. Key test, but trader who have pushed the price back lower, are looking for more than a test. They want a break.