The price action over the last two days in the GBPUSD makes you want to lie down until the feeling goes away to trade. The price has moved up and down between 1.3107 on the topside and 1.3044 on the downside. Today's low reached 1.30495 in the first hour of the Asian session, and a high of 1.31058 in the early Europe session.
The move to the upside in the GBPUSD today, did briefly break above its 100 hour moving average (blue line currently at 1.30974), but the momentum could not be sustained as sellers leaned against the high from yesterday instead (see green numbered circles).
On the downside, swing lows from March 29 at 1.3059 and 1.3049 will now be eyed (the price currently trading at 1.3072) followed by a swing low going back to March 16 at 1.30419 (see red numbered circles).
Yesterday's low stalled just ahead of that level as did the post the FOMC volatility low (at 1.30472).
The extremes are doing a good job at confining the pair in the GBPUSD with 1.3107 above and 1.3042 on the downside as the bookend resistance and support levels.
In between the bookend what you do?
The choppy price action makes you want to lie down until the feeling to trade goes away.
