Floor at 1.3567. High oscillation zone between 1.3640 and 1.3653
The GBPUSD has a swing zone between 1.3640 and 1.3653. The high price reached 1.36437.
On the downside, recent lows of October 7th and yesterday’s trade two pips apart and the 1.35675 level. Today’s Asian session low hit 1.3674 before rising again.
Between these two areas are the 100 and 200 hour moving averages (blue and green lines) currently at 1.3612 to 1.3597 respectively. The current price is just above these levels at 1.3618.
Granted, the past couple of days have seen the price move above and below these moving averages as the price moves up and down and traders try to determine which direction is the next dominant bias. However, staying above the moving averages tilts the bias further upward. Moving below tilts the bias further downward.
What are the extremes for the indices. At some point there will be a break and a race.
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