The GBPUSD was trading in a 71 PIP trading range into the Fed decision yesterday, but was able to break above that range, and extend the range for the week to something more respectable. The range now 118 pips which would still be the lowest trading range for the pair in 2021. So the potential exists for a further extension. The ranges simply not that great.
Looking at the hourly chart, the price action today has been up and down but at the higher level. The his technically, is the low price day remained above the higher extreme ceiling from earlier this week between 1.3924 and 1.39286. The simple hope for the buyers is that area hold support and the price ultimately breaks even further to the upside. The 1.4000 level would be an obvious target on further momentum higher. The high from last week reached 1.40084 before heading back lower.
If the swing highs from early the week is broken, the rising 200 hour moving average 1.39127 and the rising 100 hour moving average 1.39012 will be other key barometers for buyers and sellers. A move below each and the selling could intensify (and maybe the traders gun for the lows of the week at 1.38577 to 1.3861).
For now the buyers are more control. The range is still narrow. Can they give the pair another shove to the upside?