Follows the EURUSD
The GBPUSD caught the EURUSD fever after no new QE and the pair surged straight up to the 200 hour MA at the 1.50665 level and stalled (green line in the chart below). The correction lower has taken the price back to test the 100 hour MA where it has stalled so far. Action remains volatile.
The GBPUSD trading range has been 165 pips today. Well above the average of 101 (over the last 22 days) but certainly not the range seen from the EURUSD at 372 pips from low to high. It is the EURUSD day to squeeze the most, but even it has now come off about 100 pips from it's high and has more two way action. Things may be settling down a bit.