Broadband seismic data were recorded on the ground surface around an exceptionally regular eruptive system, geyser El Jefe, in the El Tatio geyser field, Chile. We identify two stages in the eruption, recharge and discharge, characterized by a radial expansion and contraction, respectively, of the surface around the geyser. We model the deformation with spherical sources that vary in size, location, and pressure, constrained by pressure observations inside the conduit that are highly correlated with deformation signals. We find that in order to fit the data, the subsurface pressure sources must be laterally offset from the geyser vent during the recharge phase and that they must migrate upward toward the vent during the eruption phase. This pattern is consistent with models in which ascending fluids accumulate and then are released from a bubble trap that is horizontally offset from the shallow conduit of the geyser.