GBP/USD up to highs of 1.3976 on the day
But the range remains a measly 23 pips.
From the hourly chart, we can see the pair has been bouncing off the lows at the 100-hour MA (red line) and off the top at the 50.0 retracement level at 1.3973 since late trading yesterday.
It's been consolidation mode for dollar pairs today, so we'll have to see if things will start to heat up in the European session.
I expect larger ranges, but probably more of the same consolidation pattern as we await Powell's testimony later in the day.
