GBPUSD is down -1% and checks a key swing space/200 bar MA on the 4-hour chart.

The retracement level came in at 1.3443 and represents the 38.2% retracement of the move up from the May low to the June high. That level comes in at 1.3443.

Also within that area is a swing level going back to April between 1.3423 and 1.3441. Finally, the rising 200 bar moving average on the 4-hour chart is between that swing area at 1.3429.

Note that going back to early May, the price did break below that MA, but was quickly reversed and subsequently held that moving average before moving higher.

With the price down 1% is that enough for now? Topside resistance now at the swing area between 1.3460-72