GBPUSD trading in a narrow trading range but sellers remain in control

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 in the European session but found willing sellers against its 100/200 hour moving averages (blue and green lines in the chart below). Those moving averages converged at 1.28745. Near that level is the 50% midpoint of the move up from the June 28 low at 1.2866. Staying below those levels will keep the sellers in firm control.

On the downside, there is a swing area between 1.2834 and 1.2848. The price has dipped below that level in the last few minutes of trading extending the trading range for the day.

Traders will be looking for additional momentum with the 61.8% retracement at 1.2801 as the next major target. Below that, and a swing area between 1.2738 and 1.27593 would be targeted.

The GBPUSD is