The pair stalls near the lows from last Thursday but remains below the 100 hour MA above
The GBPUSD is mired in a relatively narrow 57 pip trading range today. That compares to the 22 day average (about a month of trading) of 137 pips.
The pair has wandered lower since the defeat of the PM's timetable agenda yesterday.
The low price today reached 1.28406 in the Asian session and nearly equal that in the European session at 1.28418. We currently trade at 1.2880. Those lows remained just above the low from last Thursday at 1.2838.
On the topside, the price in the last hours of trading yesterday fell below the pairs 100 hour moving average (blue line currently at 1.29095). The Asian session high reached 1.28971 - staying below that moving average. That kept a bearish intraday bias for the pair.
Over the month of October, the GBPUSD has risen over 800 pips since the October 8 low at 1.21945. The correction off the high from Monday's trade at 1.30116 has taken the price down about 170 pips. The pair remains above its 200 hour moving average at 1.2795. A break of the 1.2838 level would next target that key moving average level. Also below are the 200 day moving average at 1.27119 and the 38.2% retracement of the sharp move higher at 1.26995 (call it 1.27000).
Although 170 pips from the high, the correction lower has been relatively modest. Nevertheless, it will take a move back above the 100 hour moving average at 1.29095, to give the buyers more comfort that the selling is likely over.
