Bounces right back...EURGBP fall contributing

The GBPUSD pushed to new session lows, extending what is a very narrow 23 pip pre-NY session trading range to 33 pips. The low took the price below the low from yesterday at 1.5247 (the low today extended to 1.5242). However, sellers could not extend any further and we are now seeing a rebound back higher (high 1.52722).

The EURGBP is not helping the GBPUSD sellers as it has reversed a positive trend over the last few hours and is motoring to the downside.

There is a thought that the BOE would be the next to raise rates after the Fed. This may be contributing to a less bearish tone for the pair.

If the GBPUSD is to go lower, the lower trend line on the hourly chart will need to be breached.

PS. The pair is now testing the highs (it does not take much when the range is 33 pips). THe 38.2% of the move lower yesterday comes in at 1.5282. Also although the downside is not showing strength, the upside today is holding below a low from yesterday. at 1.5276. This level will also be eyed for clues. Overall folks, traders are sparring with each other.