100 hour MA at 1.28166. Floor support target at 1.2775 area
The GBPUSD – like yesterday at this time – is trading in a confined trading range defined by technical levels.
- On the topside, the 100 hour MA at 1.28166 has attracted sellers
- On the downside, a floor has developed around the 1.2775 area (see green numbered circles). Buyers have been leaning against it today.
Buyers and sellers are battling it out.
Traders should jump on a break above the 100 hour MA with the 38.2% at 1.2855 and a ceiling at 1.28815 as upside targets.
On a move below the floor, traders will eye the low from last week at 1.2722.
The range today is only 48 pips. The 22 day average is 128 pips (about a month of trading). So there is room to roam on a break).