GBP/USD Offers Range Trading Opportunities Between Key Levels
- GBP/USD Technical Strategy: Sidelines Preferred
- Narrow range between 1.7100 and 1.1710 remains in play
- Dojis denote deliberation as consolidation continues
GBP/USD continues to keep traders in suspense as the pair wavers within a narrow 70 pip range between 1.7100 and 1.7170. A lack of definitive bearish reversal candlestick signals casts doubt on a correction below support.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Drilling down to the four hour chart; several Dojis near 1.7170 suggest hesitation from traders near the key technical level. A test of the range-bottom at 1.7100 may afford new long entries as the recent range remains intact.
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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