Holds ceiling again today. Falls toward low range area
The GBPUSD re-tested a ceiling area that has divided high from low areas since June 17 (see red circles in the chart below). The fall from the high today has taken the price down toward a support areas defined by lows since Tuesday at the 1.5558 area.
The price has also moved below the 100 hour MA at the 1.5590 level (see blue line in the chart below). Staying below that line should keep the pressure on the floor area today (see green circles). A move to the lower yellow area would imply about a 120 pip trading range for the day. That is near the average trading range over the last 22 days of about 115 pips. So there should be a stall near there before the weekend. A break however, should solicit some stops.
