Modest trading range for the day
The GBPUSD is consolidating in a fairly narrow trading range of 67 pips. That compares to the 22 day average of 99 pips. So there is room to roam on a break.
Looking at the hourly chart above, the price action has been up and down with the low for the day well above the low from Friday's trade. That level from Friday tested the swing low going back to February 12 at 1.37748. The low price on Friday reach 1.3778 and bounced higher. The low price today has found support buyers against the 1.3800 level (the low was 1.37997). The high price today was in the early Asian session at 1.3865.
Technically, the price has traded above and below the 61.8% retracement of the move up from the February low to the February high. That level comes in at 1.38203. A move back below that level would tilt the bias more to the downside, but the prior breaks today did not exactly lead to sharp declines. Nevertheless, it is a modest negative for the trading bias. A break would have traders looking toward the 1.3800 level followed by the double bottom at 1.3775 area.
Hold support and move higher would have traders looking toward the swing low going back to February 25 at 1.38869 and more importantly the falling 100 hour moving average and 50% retracement of the range since February near the 1.3900 area.
The low to high ranges modest. The price action is choppy.
