The sellers had their shot this week below 1.3610, but the BOE thwarted that plan.
The GBPUSD has chopped higher today with the pair reaching reaching above the Tuesday high on the rebound.
This week, the sellers had their big shot on Thursday when the price fell below the double bottom at 1.3610. The tumbled from their took the price down to 1.35608, but the Bank of England statement reversed the market quickly, and moving back above the key swing levels that have confined the range since January 20, turns sellers into buyers.
Today, there are a number of chops up and down, but the lows are higher and the highs are higher too. Bullish. Other bullish clues came from holding support in the Asian session against the 100 hour moving average (blue line). More recently to hourly bars also stalled against the 200 hour moving average and moved higher (see green line in the chart above). The 200 hour moving averages at 1.3683 currently
If the price can stay above the 200 hour moving average, the buyers remain in control. The current price is trading at 1.37057.
The high price this week was on Monday at 1.3757. It tested the January 27 high at 1.37582, but found willing sellers against the level. Just below that level is a swing area between 1.3745 1.37509. Going forward, if the buyers are to take control (and have their shot), they need to push above that area.
Until then, we remain in the chop. Traders can use things like the moving averages and trendlines to trying to decipher the bullish or bearish clues. However, be aware that the up and down price action can beget more up and down price action, but at some point we will get a break and a run away from the current confined levels.
PS The chart below is how the daily chart looks. The pair is still near the highs, and the price is also above a swing area between 1.34816 and 1.35139 (see yellow area and red numbered circles). Closer support might be near 1.3616 area (although there has been chop around that area as well). The bias tilt remains with the buyers. However the hourly chart clues need to remain in that direction.