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GBPUSD confined to narrow range today. A break and extension eyed.


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Ceiling above. Trend line developed below on hourly chart

The GBPUSD is confined in a 62 pip trading range for the day. The average over the last 22 trading days (around a month of trading) is 130 pips. So the range is 50% of what has been the average.

Technically, there is a ceiling developing at the 1.28838 area.  There have been a number of swing highs/lows at the level going back to last week’s trading on the hourly chart. That ceiling is above the 100 hour MA at 1.28584  A move above that MA would be give a more bullish bias today, but the price needs to stay above. The moves above today failed (when the ceiling was area was approached).
On the downside, a trend line is developing at the 1.2828 level currently. Move below it, and the selling could intensify. 
We currently trade between the 100 hour MA and the lower trend line at 1.2840. So buyers and sellers continue to fight it out.  However, with a narrow trading range, look for clues of a break at some point and extension of the range.  Of course Brexit news can be a catalyst so be on alert.  ForexLive

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