GBP/USD has traded in a mere 30-pip range over the past 3 hours
A 30 pip range isn't anything new or surprising but for it to immediately follow a 2-cent swan dive is unusual.
- It suggests very little appetite to buy the latest dip.
- It argues there are massive bids at 1.5466
Even within the range, it's narrowing. In the past hour the pair has traded in a 10-pip range just above today's lows.
On the downside, the 100-day moving average at 1.5464 is just below the lows of the day and is what's attracting the bids. Beyond that is the 55-dma at 1.5618.
