April low at 1.21616/38.2% at 1.21737.
The GBPUSD has so far successfully tested a cluster of support defined by the swing low from April at 1.21616, and the 38.2% retracement of the move up from the March low to the April high at 1.21737. The low for the day reached between those 2 levels at 1.2165.
With risk defined and limited against the area, the buyers stuck a toe in the water and have pushed the price back up toward the 1.2200 level. The current price trades at 1.2189. The high price off the low has stalled at 1.2199 – just below the natural 1.2200 level.
Intraday technical levels are defined by those support/resistance levels. On the topside get above the 1.2200 level and we should see further upside probing. Failure to do that however and a run back down toward the support at 1.21616 – 73 would be eyed. The burden is still on the buyers to take more control.
Drilling to the hourly chart, helping the dip buyers that the low (and increasing the levels of importance) is that the price did bounce off of a lower trendline. That is just another reason for the buyers attempts to pick a bottom on the low risk opportunity.