Can the buyers keep the control?
The GBPUSD sellers took the price of the pair below its 100 and 200 day moving averages near the 1.2722 area. The low price in the London morning session reached 1.26737. Looking at the hourly chart at fell short of a lower trendline target.
The last 4-5 hours has seen the price move back higher. That move took the price back above the key moving averages.
The sellers had their shot. Although the took the price lower, they couldn't keep it below the key moving averages. The question now is "can the buyers keep the price above the moving averages?" and if so "Can the buyers take the price above the next targets?"
Looking at the hourly chart, there are swing levels between 1.27614 and 1.27754. Also in that area is a downward sloping trendline connecting recent highs. If the price can extend above those levels, the buyers will be looking toward the 1.2800 level (home to the 38.2% retracement of the range since September 16).
Failure to stay above the 100/200 day moving averages and all upside bets are off.