Range for the day is only 69 pips
The GBPUSD is trading up and down in a 69 pip trading range. That range is relatively narrow vs the 97 pip average over the last 22 trading days (around a month of trading). The pair is trading right around the close from yesterday at the 1.3955 area. There is room to roam on a break to a new extreme.
Looking at the hourly chart, the pair trades above and below its 100 hour moving average 1.39605. The high price for the day extended up to 1.4006. The run above the 1.4000 level could not be sustained, and the price rotated back toward the lows. The low for the day reached 1.39367 in the late Asian session. The London/New York low is a above that at 1.39416. Moving below each would open up the door for a move toward the 50% midpoint of the range since February 4 low. That level comes in at 1.39007 (call it 1.3900).
Drilling to the 5 minutes chart below, the choppy price action is evident (especially over the last few hours as the price rotates between 1.3941 and 1.3977).
The pair is trying to put a lid on below its 100 bar moving average at 1.39674. A downward sloping trendline is also near that area (see red numbered circles). Get above should tilt the bias more to the upside intraday. On the downside, the 1.39416 to 1.39458 area is home to a number of swing lows over the last few hours (see green numbered circles). If the sellers are to take more control, getting below that area should open the door for more downside probing.
For now, the pair as buyers and sellers are battling with the find support and resistance intraday levels. There is room to roam, so look for a break and run.
