In a small bowl, combine paprika, Italian seasoning, thyme, salt, pepper and garlic powder. Mix well and rub over the entire surface of the turkey breast. Set Instant Pot to saute. Heat the olive oil and add the turkey breast to the pot. Cook for 3-5 minutes/side or until lightly browned. Using a tongs, place breast on trivet.
Pour broth/stock/water into pot and deglaze the pot (scrape the bottom with a spoon). Lower the the turkey breast into the pot on the trivet. Place the cover on the pot and set timer to 25 minutes on high pressure (pressure cook setting). It will take the IP around 10 minutes to build up pressure before it begins cooking.
When cook time is done, let the pressure release naturally until the silver float valve drops. Remove cover and carefully lift the trivet out of the pot. Transfer the turkey breast to a cutting board and cover with foil.
Scoop 2 tablespoons of the broth from the pot and add to a small bowl. Add the flour/corn starch and mix until combined. Cancel pressure cooking on IP and press saute button. Add the slurry and bring the mixture to a boil. Cook for 10 minutes, stirring often, or until gravy has thickened.
Place turkey on serving platter, slice and pour gravy over the top. Sprinkle fresh parsley over the top and serve immediately!