The GBPUSD spiked higher after BOE's Vlieghe said an early rate hike is possible if there is smooth transition from furlough. That took the GBPUSD to and though the 100 and 200 hour MAs at 1.4147 and 1.41524 respectively. The high price extended to 1.41829. That took the price above a swing area between 1.41742 and 1.41789, but momentum cannot be sustained.
The price has rotated back to the downside and retests the 200 hour moving average at 1.41524. So far buyers are leaning against the level on the first test. The current price is trading back up at 1.4167 after the bounce. It will take a move below that 200 hour moving average and 100 hour moving average to tilt the bias back to the downside.
This week the price has waffled and chopped up and down. The price low today did break below the Monday low at 1.41103 and the 1.4100 level, but ultimately found dip buyers (and the news headlines helped later). The high prices week was on Tuesday at 1.42102. That was short of the swing highs from last week at 1.42193 and 1.42333.
Technically, with the price back above the moving averages, the tilt is to the upside, but be aware that "the market" is getting used to the ups and downs. So a break below, could easily see the buyers turned sellers. Until then, however, the buyers are more in control.
Of note....the range for the week is 119 pips. You have to go back to April 2019 to have a week with a lower low to high trading range.
What does that mean?
It should give traders the thought that between now and the close on Friday the pair will extend the range (it won't be the most narrow range in 2+ years.
Right now, with the bias more positive, breaking the high from Tuesday at 1.42102 is the odds on favorite. Those odds would change on a move back below the MAs.