100 hour MA approached.
The GBPUSD has erased the losses on the day now. The price of the pair closed near the 1.5595 level. The price of the pair just extended to a new NY session high of 1.5607. The next target comes in at the 100 hour MA (blue line in the chart below) at the 1.5613.
Earlier today, the pair moved to and through what was a low floor from last weeks trading int eh 1.5550-58 area. There were three separate swing lows on Tuesday, Thursday and Friday. Price to those lows there were other instances of lows/highs going back to July 2. Although that floor is broken, the 38.2% retracement at 1.55429, and the 200 hour moving average (green line in the chart above currently at 1.55288) provide a backstop to buy.
So the pair sits between the 100 and 200 hour MA (or goal posts as I like to call it). At some point, there should be a break with a move away. The next upside resistance target comes in at the 1.56672 1.56819 area (see yellow topside area in the chart above). On the downside, a break of the 200 hour MA (green line) would look toward the 1.5502 and then 1.5461 (see chart above).
Overall, the GBPUSD has been better bid following comments by BOE Carney and Miles last week that the BOE was closer to raising rates. Then again, according to Yellen, so is the Fed. So there may be some back and forth action dependent on the data. .