Narrow Monday range...
Looking at the daily chart of the GBPUSD, the pair traded to the highest level since September 22nd, 2016 on Friday. The high on that day reached 1.31207. The high on Friday reached 1.31134 - 7 pips short of that next target. Today the high reached 1.31212. On a move higher, a topside trend line cuts across at 1.3154. Above that and the upside opens up more for the pair.
On the downside off the daily chart, the low today remains above the old 2017 highs from May at the 1.3047 level. The low today has reached 1.3057. We currently trade closer to the low at 1.3066.
Drilling down to the 5-minute chart (see chart below), the price action today in the pair is more to the downside. As mentioned above, the high today is lower than the high from Friday by a few pips. The price moved below the 100 and 200 bar MAs on that chart (blue and green lines). Apart from a few little looks above the 100 bar MA (blue line), the price has stayed below that 100 bar MA. A move above is a little more bullish intraday. A move back above the 200 bar MA on the 5 minute chart at 1.3086 would increase the bullishness for the pair. Until then, the corrective action can continue.
Overall, the action down today is more bearish but it is just corrective and the move is limited. A move below the 1.3045-47 would be a bit more bearish but other support comes in at 1.3023-28 looms (highs from June 30 and July 3rd).
A move above the 100 bar MA on the 5- minute chart could shift the sellers to buyers on a quiet day. The 200 bar MA at 1.3086 on the 5-minute will also be eyed.