Narrow range. Looking for a potential break and extension
The GBPUSD is mired in a up and down non-trending range with most of the range between the 50% and the 61.8% retracement levels. The 50% is at 1.28401. The 61.8% is at 1.28793. The price did breach each of those extremes intraday, but only briefly. The price is currently trading near the midrange.
Technically, the pair surged through the 200 hour MA yesterday and on the NY correction move lower, found support buyers at the same MA level toward the end of the NY day. That MA is lower 1.28199 but will still remain a barometer for bulls and bears as well today. A break with momentum of the 50% would target that MA level.
On the topside, the high price yesterday stalled near old swing highs from earlier in the month at 1.29185 to 1.29253. The price moved above those highs to 1.29286, but quickly reversed. A trend line above cuts across just ahead of that area. On more momentum, that area would be targeted.
