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

The GBPUSD 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.


This article was written by Greg Michalowski at Source