GBPUSD has seen choppy, two-way price action today. Earlier in the U.S. session, the pair dipped below yesterday’s low of 1.2885, reaching a session low (and new low for the week) at 1.2878. However, as London and European traders exited for the day and optimism around potential tariff relief emerged, the pair rebounded.

That rally, though, was capped just below key technical levels. The high reached 1.29289—falling between the 100-hour moving average at 1.29256 and the 200-hour moving average at 1.2930. So far, those levels are keeping a lid on further gains.

As long as price stays below the 100- and 200-hour MAs, the short-term bias leans bearish. Still, given the recent whipsaw action, traders should remain flexible and prepared for continued volatility. However, the hourly moving averages will be a barometer for both buyers and sellers. Stay below and the sellers have more control. Move above and the buyers take back control.