Buyers did base against 100 and 200 hour MAs
The GBPUSD is up on the day, but unlike other pairs, the pair is more in an up and down chop (at least in the NY session).
What is key from a technical basis, however, is that the price at the day's lows, bottomed right against the converged 100 and 200 hour MAs (blue and green lines in chart above). That gave the buyers the go-ahead to take the price higher, and they did. The low for the day was at 1.28978. The high extended up to 1.29446 (so far).
The high today did take out the high from Friday at the 1.2941 level but failed. That has helped contribute to more choppy conditions. However, despite that failure, the bulls still remain more in control.
What would give the buyers more confidence?
If the pair is to go higher, getting and staying above the 1.2941 level would be step one. After that, the high from last week at 1.2950 would be the next hurdle. Above that and the 1.2969-712 would be the targets (see high yellow area). Finally the high for November at 1.29843 would be eyed (PS the high from October and highest level since May is up at 1.30116).
What would ruin the bullish bias?
Not being able to get and stay above the 1.2941 level would be a concern.
On the downside, a move below the broken 61.8% at 1.29218 and then the rising 100 hour MA at 1.2903 would sour the bulls mood.