GBP/USD backs away after nearing key technical resistance this week ...Middle East

The highs this week were seen near 1.2500 and that is just under the 100-day moving average (red line) at 1.2509 currently. But that is enough for sellers to keep their composure after having endured a poor showing on Tuesday after the US CPI data. And now, we're seeing price action even fall back below the 200-day moving average (blue line) of 1.2440.That sees sellers resume back a softer bias in the pair but just bear in mind that we also do have the 100-week moving average at 1.2398 to contest with on the week.In any case, the price action yesterday and so far today has been quite a blow to buyers. That especially if you couple it with other dollar pairs such as AUD/USD seen here. It look

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