Down- up. Down - up. Down - up.

The activity today in the GBPUSD reminds me of a two-step. There is one step down and one step up, One step down and one step up.

The hourly chart is not much better with resistance at 1.4803 and support at 1.4775 and 1.4751/54. . The market is coiling with more of a bearish bias below the 1.4803 area, but a break above could solicit more buying as well so be aware. Below the 1.4775 and 1.4751 and the market will start looking toward the lows at 1.4720, 1.4687 and 1.4634. On a move higher, the 1.4863 (old 61.8%) and the 100 and 200 hour MAs at the 1.4849 and 1.4859 become key levels to get and stay above if there is to be a further upside recovery.