Give or take a pip or so, the GBPUSD trades in the same range as Monday.
The GBPUSD moved higher on the Supreme Court decision in the UK today, but the reactive move higher stalled right below the high from yesterday at 1.2490. The high price today reached 1.2488.
That high came after earlier in the session when the low reached 1.24105. That was within a pip or two of the low from yesterday at 1.2412.
So today is the same as yesterday (give or take a pip or so) for the the GBPUSD. At least when it comes to the trading range.
The pair remains near its highs for the day and trades around its 100 hour and 100 day moving average at the 1.24738 area. Having said that, the price since the spike higher has reached down to 1.24324 and moved back higher in back and forth price action. The market is settling down a bit, and near that high extreme.
A break above, would have traders looking toward the 1.25110 level (swing highs from September 18 and September 20). Above that and the hi from September 17 at 1.25256 would be the next upside target.
If traders selling against the high are able to turn back the sellers (the battle is on), we have to expect the 200 hour MA below will be revisited.
Choppy markets and rightfully so, but the ranges are defined that should give us clues as to the next move. The challenge is "can the market shove the price outside the range?" or "does today, continue to trade like yesterday?"
