We know a risk/bias level through Election
The GBPUSD has moved higher in trading today and in the process is moving away from the 100 day MA at 1.3035. Hopes of a Brexit agreement is helping.
The current price is pushing the 1.3100 level (high reached 1.30988). That puts some room between the MA below at 1.3035, and the current price through the election.
If the dollar gets bid (some think it will take a GOP sweep, but honestly who really knows), a break of that MA (lower GBPUSD/higher USD) would switch the bias back to the downside.
Staying on the daily chart, the next key topside target does not come until the downward sloping trend line at 1.3199 (call it 1.3200). That is a little over 100 pips away. 100 pips seems a distance away, but it is certainly doable in a volatile news driven market.
Drilling to the hourly chart below, the pair currently trades below a topside trend line at 1.3107 (and moving higher), and above a lower trend line at 1.3052.
Those levels narrow up the risk/bias levels from the daily chart, but note that if the price goes lower, the 100 day MA still needs to be broken. On the topside, a move above the trend line, gives traders room to roam on up to the trend line at 1.3200 level.
PS Brexit headlines are still in play as well which makes the event risk pretty high for this pair.