Range is only 51 pips. Room to roam on a break.....
The GBPUSD is waffling back and forth in a narrow 51 pip trading range. The average range over the last month of trading is about 94 pips. There is room to roam on a break.
The pair's high is at 1.27804. The pair is trading at 1.2778 currently as the stocks start trading. The price is higher on the day and above a recent topside trend line. The low today was above the low from Friday. The buyers are trying to take control, but buyers are looking for some momentum and could give up if it does not show....
On a break higher, a trend line comes in at 1.2816. The 1.2836-40 was a swing low and swing high on Thursday and Friday. The 100 hour MA (blue line) comes in at 1.28486. The price of the GBPUSD has trended below that MA since August 2nd. A test of that MA going forward would be a tough nut to crack on the first look at least.
Right now, buyers are looking to take some control, but that momentum break is eyed in what is a waffle up and down day so far (with a very narrow range).
