Narrow trading range of only 33 pips today
When was the last time traders enter the the New York session with only a 33 pip trading range in the GBPUSD?
That is the low to high range so far today in that active pair. That narrow range compares to the 22 day average of 93 pips (around a month of trading). Needless to say there is room to roam in the pair. Something has to give.
Looking at the hourly chart, the traders have respected the swing highs for the month of July between 1.38979 and 1.39094. Above the July high is the 100 day moving average at 1.39201. Those levels are all upside target on further momentum. Getting above the 100 day moving average would be the first time since June 24.
The high today reached 1.3894 ahead of the July swing highs.
What is holding support?
The swing high from July 16 came in at 1.38616 and traders seem to be leaning against that level. The low for the day reached 1.3861. The current hourly bar low came in at 1.38634.