Technical Analysis

GBPUSD confined to slender vary at this time. A break and extension eyed.

Ceiling above. Development line developed beneath on hourly chart

The GBPUSD is confined in a 62 pip buying and selling vary for the day. The common over the past 22 buying and selling days (round a month of buying and selling) is 130 pips. So the vary is 50% of what has been the common.

Technically, there’s a ceiling growing on the 1.28838 space.  There have been quite a lot of swing highs/lows on the degree going again to final week’s buying and selling on the hourly chart. That ceiling is above the 100 hour MA at 1.28584  A transfer above that MA can be give a extra bullish bias at this time, however the worth wants to remain above. The strikes above at this time failed (when the ceiling was space was approached).

On the draw back, a development line is growing on the 1.2828 degree at present. Transfer beneath it, and the promoting might intensify. 

We at present commerce between the 100 hour MA and the decrease development line at 1.2840. So consumers and sellers proceed to struggle it out.  Nevertheless, with a slender buying and selling vary, search for clues of a break sooner or later and extension of the vary.  In fact Brexit information generally is a catalyst so be on alert.  

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