The GBPUSD is higher on the day, and that move to the upside has taken the price up to the 200 and 100 hour moving averages. The 200 hour moving averages at 1.32414. The 100 hour moving averages at 1.32566. The last 6/7 hours has traded mostly between those levels (the high reached did extend to 1.3261 but stalled). The current price is trading at 1.3254.
Recall from yesterday, the price moved down initially in the Asian session to start the week, but did find support near the low from December 15 and the low from December 9 near 1.31704. The subsequent rise off the low for the day stalled against its 200 hour moving average (green line) and rotated down into the close.
With the move above the 200 hour moving average today, buyers are making a play, but they still need to get above the 100 hour moving average and stay above that level to give the buyers more confidence and tilt the bias further in their direction.
If buyers are able to do that, the next target comes at 1.3272 to 1.32766 swing area followed by another swing area between 1.32861 and 1.32917. Move above those levels and it opens the door for further upside momentum.
Conversely If the price rise starts to lose its momentum, and the price moves back below its 200 hour moving average, I would expect the buyers two turn to sellers on the disappointment, and the price to rotate back down toward the 1.3208 to the 1.32201 swing area..
