In the weekend video preview for the GBPUSD, I was looking for a break outside “the goal posts” defined by the 1.6275-87 area above, or the 1.6218-31 area below. We moved briefly below the 1.6218 floor on a few hourly bars but there certainly was not a momentum move lower.
Technical Analysis: GBPUSD finds support buyers but remains between the gap level from back in early September.
The price in the New York session has moved to new session highs extending the days trading range to around 61 pips in the process. (it was 50 pips when NY traders entered for the day) This is still well below the 22 day average of 106 pips. So volatility is “Monday -like” and the expected break (either higher or lower) may have to wait until Tuesday. The song still remains the same., however. So if you have not looked at the video preview for the week, take a look. Ti might inspire your next low risk trade.
The dip buyers today still has some proving to do, that they can take back control. Nevertheless, they were able to push off of the support low. With the day still having a few hours left, there is still hope for a further extension higher.
On second thought…maybe not.
