GBPUSD consolidates at highs. Buyer and sellers battle in a 68 pip range.

The GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term moved higher yesterday to start the trading week. The low on Monday was down at 1.20658, but in the NY session moved to new highs, breaking above swing highs from back on Feb 21 and Feb 28. Since then (the last 28 hours), the price action has been between 1.2134 and 1.22028. That is a 68-69 pip Pip In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded In forex markets, a pip is a percentage in point or price interest point (pip), reflecting a unit of change in an exchange rate. Major currency pairs are traditionally priced to four decimal places – a pip is one unit of the fourth decimal point, or 1/100 of a cent. The exception in this case is the Japanese yen, in which a pip is one unit of the second decimal point. Pips adhere to a rate of change that may be related to a value change in a position of specific currency rates. Forex is traded Read this Term trading range from low to high. That is a pretty narrow range.

So traders have calmed down and settled. Yes the price action is up and down, but with the price contained and non-trending, traders can now prepare for the next shove.

On the topside, the high would take the price above the 61.8% at 1.2201.

On the downside, a break below the low of the swing area (see red numbered circles) between 1.2134 to 1.21467, - and then the 50% of the move down from January 2023 high at 1.21248 would open the downside for more downside probing.

It's time to wait for the next shove in the GBPUSD.