Up and down in a narrow range
Like a lot of pairs today, the GBPUSD seems to be buying time in an up and down choppy trading session. The range for the day is 52 pips which is when below the 107 pip average over the last 22 trading days (around a month of trading).
The pair is also situated between the 100 hour moving average above at 1.39136, and the 200 hour moving average below at 1.38902. The price has traded a little bit below those moving averages and little bit above those moving averages today, but has not wandered far.
On more weakness, there are a number of swing levels between 1.38529 and 1.3869 (see green numbered circles). Yesterday the price ventured below that swing area but found early support buyers ahead of the 1.38012 many floor that was developed on March 8 and March 9. The low yesterday reached 1.38083 before bouncing.
On or momentum to the upside, the high for the week reached 1.39489. The 38.2% retracement of the move down from February 24 comes in at 1.39546. Above that and traders will start to refocus on the 1.4000 area (between 1.39988 and 1.40091). In addition to having the natural resistance at the 1.4000 level, the 50% retracement of the move down from the February high comes in at 1.40009,and there are a number of swing levels around that level as well (see red numbered circles).
For now, the pair is a little stuck in the mud between the moving averages as traders await the FOMC decision later this afternoon.