The GBPUSD and the 200dma.

The GBPUSD has a history with the 200dma capping rallies the last couple months with mid and late April rejecting the 200dma and then overnight as well. What this means is any rally overnight near the 1.2680 level should cap the rally as well. Knowing this, and all the resistance above at the 1.2800 level (78% retracement, 127% extension) I may feel better selling rallies at this point than buying dips near current levels.