In a channel
The EURUSD has been more the driver in trading today as it surged and tumbled off Draghi and a deteriorating technical picture.
For the GBPUSD, the pair has a downward bias as well, but it seems to be more of a watcher than a leader today.
Looking at the hourly chart, the pair did move below the 200 hour MA today - and stayed below it (at 1.22466 currently). Recall yesterday, the market teased us with breaks below that line that failed. That is not the case today.
The break below the 200 hour MA (green line in the chart above) has not seen a failure. In fact, the correction off the low, went back up to the MA line and found sellers leaning against the level.
So there is a turn in the bias more to the downside (bears in control). The successful test, also helps to solidify the MA line as a stronger risk defining level (and line in the sand). Stay below keeps the sellers in control. Move above and the bias gets more muddy.
On the downside, keep an eye on the trend line That channel has a number of tests on the topside and now the bottom.
