GBP/USD Ranges and Trade Idea
GBP/ USD opened the week at 1.4422, traded 100 pips Sunday to Monday inside the 101 pip range between 1.4375 - 1.4476. Despite 100 pip move, the range held and resulted in no change to GBP/USD.
Monday. GBP/USD ranged again 100 pips from 1.4376 to 1.4477. The range Monday was 228 pips and wider by 127 pips. The range was 1.4295 to 1.4523. The range held.
Tuesday. GBP/USD traded 85 pips from 1.4390 to 1.4475. The range was 214 pips, a decrease of 14 pips from Monday. The range held between 1.4298 to 1.4512.
Wednesday. GBP/USD traded 88 pips from 1.4397 to 1.4485 inside a 195 pip range and decrease of 19 range pips. The range held.
Thursday. GBP/USD traded 129 pips from 1.4534 to 1.4405. The range was 191 pips from 1.4308 to 1.4499 and decreased by 4 pips from Wednesday. The topside range violated by 35 pips and resulted in a daily Doji. All week GBP/USD challenged its topside ranges but failed to break. By all standards, the break was clean.
Friday. GBP/USD traded so far 68 pips from 1.4383 to 1.4451. The range decreased by 1 pip from Thurday 191 to 190 and is located between 1.4308 to 1.4498.
GBP/USD currently trades 1.4407 and 15 pips below its weekly opening at 1.4422.
Today GBP/USD Bottom 1.4348. The target today is 1.4428 and a failure point at 1.4426. Target and Failure is tight. The range remains 1.4308 to 1.4498 and expected to hold.