The range for the day is only 69 pips
The GBPUSD trades higher and lower within a trading range of 69 pips. This range is relatively narrow compared to the average of 97 pips over the last 22 trading days (roughly one month of trading). The pair is trading just around yesterday’s close in the 1.3955 area. There is room to take a break to a new extreme.
Looking at the hourly chart, the pair is trading above and below its 100 hour moving average of 1.39605. The high price of the day continued until 1,4006. The run above the 1.4000 level could not be sustained and the price returned to the lows. The day’s low hit 1.39367 at the end of the Asian session. The London / New York low is higher than 1.39416. Moving below each would open the door to a move towards the 50% midpoint of the range from the February 4 low. This level comes to 1.39007 (call it 1.3900).