Key Technical Levels
There is a solid support level just below the current range at 1.6153- 61.8% Fibo level of 1.5706-1.6877 which could limit downside risks for traders. The pair has settled into a rage between 1.6200 and 1.6350 with each bound holding on several occasions, giving scalpers solid entry and exit levels.
Quantitative Metrics
The GBP/USD has seen its ATYR start to trend lower as price action has begun to consolidate. However, at 191 pips it remains one f the highest of the pairs listed below. Additionally, a wide Bollinger band width of 721 pips speaks the pair’s potential for fluctuating price action. However, a one week implied volatility of 11.83 is a sign that the current period of concentration will continue.
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To discuss this report or be added to the email list, contact John Rivera, Currency Analyst: jrivera@fxcm.com
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