Old trend lines in play as well

The GBPUSD has been finding sellers against the 100/200 hour MA ( blue and green lines in the chart below at 1.22149 and 1.22261 respectively). The underside of broken trend line from yesterday's trading is also stalling the pairs rise.

On the downside over the last four or so hours, is a lower trend line that was broken in yesterday's trading. The break yesterday helped send the pair tumbling lower, only to have a snap back rally, later in the trading day.

The action yesterday (sharp move lower/ sharp move back higher) has a way of making traders more cautious/more patient. In addition to the MAs above, there is a trend line that cuts across at 1.2231 that should provide a pretty good ceiling for traders to lean against on rallies (and define risk for trades). A move below the lower trend line (at 1.2196) should solicit more selling on a break.