The GBPUSD has been waffling up and down in a relatively narrow trading range. The high prices stalled at the 1.3700 level. That was just short of the high from last week at 1.37028. Seller were leaning (with stops likely on a break). The price could not get above. A new ceiling is in place.
The price has rotated to a new session low and has extended the range for the day from a narrow 48 pips at the start of the NY session to 55 now. To put things in perspective, the 22 day average (the last month of trading) is 144 pips. There is room to roam. The sellers are trying to take more control.
The 1.36187 to 1.36347 swing area (see red numbered circles) is the next target area. Below that the 200 hour MA at 1.35975 and the 100 hour MA at 1.3575 are other targets on more weakness.
Intraday traders might look toward the 1.36703 (high from January 6th) as resistance now that the pair has broken lower.