Below the 200 day MA at 1.35525 and above the 38.2% at 1.3463
The GBPUSD continues to waffle back and forth in a relatively narrow trading range. The high since May 4th has reached 1.3617. The low reached 1.3450. In between is the 200 day MA. The price has traded above and below the 200 day MA at 1.35525 in 9 of the last 10 trading days. Yesterday was the exception.
There are a number of swing lows that come in at the 1.3450-59. The 38.2% comes in at 1.34631. That area (1.3450-63) is a hard floor that needs to be broken to get more downside potential.
On the topside, the 200 day MA is a "bullish above" area that needs to be broken - with momentum - in order to shift the bias back to the topside.
The story has been the same for the last 10 days. At some point the "market" will decide and run the pair. Until then, the chop continues.
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