GBPUSD consolidates at highs. Buyer and sellers battle in a 68 pip range. | Forexlive

The GBPUSD moved higher yesterday to start the trading week. The low on Monday was down at 1.20658, but in the NY session moved to new highs, breaking above swing highs from back on Feb 21 and Feb 28. Since then (the last 28 hours), the price action has been between 1.2134 and 1.22028. That is a 68-69 pip trading range from low to high. That is a pretty narrow range.

So traders have calmed down and settled. Yes the price action is up and down, but with the price contained and non-trending, traders can now prepare for the next shove.

On the topside, the high would take the price above the 61.8% at 1.2201.

On the downside, a break below the low of the swing area (see red numbered circles) between 1.2134 to 1.21467, – and then the 50% of the move down from January 2023 high at 1.21248 would open the downside for more downside probing.

It’s time to wait for the next shove in the GBPUSD.