GBPUSD trades within the low and high technical range

Technical Analysis

Author: Greg Michalowski | gbpusd

Floor at 1.3567. High swing area between 1.3640 to 1.3653

The GBPUSD has a swing area between 1.3640 and 1.3653. The high price reached 1.36437.

Floor at 1.3567. High swing area between 1.3640 to 1.3653
On the downside, the recent swing lows from October 7 and yesterday's trade within two pips of each other and the 1.35675 level. Today's low in the Asian session reached 1.3674 before moving higher.

Between those two areas sits the 100 and 200 hour moving averages (blue and green lines) currently at 1.3612 at 1.3597 respectively. The current price is just above those levels at 1.3618. 

Admittedly, the last two days has seen the price move above and below those moving averages as the price fluctuates up and down and traders try to figure out which way is the next dominant bias. Nevertheless, staying above the moving averages tilts the bias more to the upside. Moving below tilts the bias more to the downside.

What the extremes for clues. At some point there will be a break and a run.


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