GBPUSD moved above the 100 hour MA (blue line in the chart above) yesterday and fell back below in the Asian session. The move back below the MA line, turned the bias back to the downside and since then the price has wandered down toward the 1.61156 Fibonacci support area (low has reached 1.6123). This is the 38.2% of the move up from the April 16th low.
Yesterday, the price tested this retracement area, falling to a low of 1.6113. A move below the level today (through the 1.6113 level as well) should solicit additional selling with the 1.6100 area the next target support (see chart). Below that, and the market should target the 1.6076 (high from April 19th/low from April 23rd) and 1.60587 (50% retracement) for the pair.
Topside resistance will look toward the 38.2% of the days range today at the 1.6147. Note that, with the key support a the 1.61156 area so far holding, traders can easily turn attention back to the upside if that level holds. So watch the 1.6147 level above for upside clues today.