The 1.23038-1.23292 is a ceiling area now
The GBPUSD is moving higher after the 200 hour MA (green line) held support. The low for the day reached 1.22037. The pair currently trades at 1.22738 after just reaching a high of 1.2287.
On more upside momentum there is a swing area ceiling that starts at 1.23038 and extend up to 1.23292. That area is home to swing lows and highs over the last 6 trading days. A move above would be needed to solicit more buying.
For now with the 200 hour moving average holding support, traders are battling it out. The swing area is one upside target. The other would be the 100 hour moving average (blue Line) at 1.23706.