The GBPUSD snapback rally is finding some stall near the 1.1840 level (see earlier post outlining the key level). That is the swing low going back to 2016. Last week that level was taken out, which then had the pair trading at the lowest level since 1985.
Drilling to the hourly chart, the price has traded above the 1.1840 level in trading today, but on that run higher failed. When the price moved back below the level earlier today, the market ran to the downside.
The rebound has now found sellers near the level (the high reached 1.18446). We currently trade near the 1.1800 level.
The holding of that 2016 swing low is significant. Does it open the downside more again? Yes. Does it increase the 1.1840 level more significant as a risk/bias level? Yes. It would take a move above to tilt the bias higher.