The GBPUSD moved from a high 1.1972 and 5 1/2 hours later, the price reached 1.16377. That is a decline 335 pips. In the last 45 minutes, there has been a 150 move to the upside. Momentum can change in an instant.
The run lower moved below the 100 hour MA at 1.1677 and the 61.8% of the move up from yesterday's low at 1.16467. When the price moved back above those levels, it shifted the bias back higher. The cover was on.
What now? The price is above the close from yesterday at 1.1758. Watch that level for clues. Stay positive on the day and squeezing back toward the 200 and 100 bar MAs cannot be ruled out (at 1.18179 and 1.18327 respectively).
PS Also....remember the 1.1840 level. That is the 2016 low. Move back above could see even more buying from a technical perspective.