used to be known as the Beast of Forex as this was a pair that frequently moved 200 to 300 pips in a day in either direction. For the last 4 weeks this pair has been the Lamb of Forex. 4 weekly doji
indecision candles have formed in the last 4 weeks and price has gone from 140.04 to 139.65 - a mere 38 pip move. Even the surprise hawkish note emanating from the MPC
failed to shake GBP/USD
out of its torpor. The flag formation
that this pair is held in remains and a sustained break either side will be significant. The look of the DTF is BULLISH
and the TDI
is quite BULLISH
on this time frame. Above 140.52 strengthens this view.
BUY at 138.96
SELL at 140.59 (this area is particularly strong resistance).