GBPUSD remains in the narrow trading range for the week

The pair remains between 1.38715 and 1.38569 or 85 pips

As the press conference continues with BOE Bailey (and Ramsden), the GBPUSD remains near the middle of the very narrow 85 pip trading range that as confined the pair this week.

The low was reached earlier today at 1.38715. That took out the swing low from Monday at 1.3874. The high reached 1.39569 during yesterday's trade. The high price today reached 1.39455 on headlines from the rate decision. The current price is trading at 1.3906.

Looking at the hourly chart, the pair trades between the 200 hour moving average below at 1.38936 and the 100 day moving average of 1.39194.That is the neutral area for the trading bias from a technical perspective.

A move below the 200 hour moving average would tilt the bias more to the downside, whereas a move back above the 100 day moving average at 1.39194 would be more bullish.

The buyers have had more of the control over the last 5-6 hours of trading as a result of the price trading above the 100 hour and 100 day moving averages, but could not extend to the high price from yesterday (the high reached 1.39455 vs 1.39569 high from Weds). Did the buyers have their shot. Perhaps, but sellers would be more comfortable if the price should head back below the 200 hour moving average and stay there.
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Forex Trading For Beginners 2021

Thursday, 5 August 2021