What can you say….
The GBPUSD continues to chop up and down in 60 to 70 pip runs. Recall yesterday, the pair tumbled in early trading and fell below a swatch of support in the 1.37415 to 1.3758 area. The price snapped by 68 pips and then headed back down and to a new low by a few pips only to base and move higher initially today.
The high reached to 1.3782 and then tumbled to a new low for the week at 1.37178. Just when you think the pair is heading to the swing low on March 30 at 1.3705, the price action turned around and moved to 1.3773 a few hours later.
The price just dipped to 1.3737 and snapped back to 103759.
Up and down with no discernible trend.
Yesterday, I commented that it was time to “lie down until the feeling goes away” in this pair as the bar room brawl goes on and on and traders get bloody (or not if you are inclined to just buy low and sell high but it is hard to find reasons to buy and low at the levels).
That sentiment is still in play for me today as well. Some times it is best to know when to fold em and walk away from the table until there is something better showing.
The 38.2% and 200 hour MA above might be an idea to awake me from the slumber.
On the downside, maybe a move below 1.37415 might tempt me from a standing start (no position) just for something to do in the pair, but it would be with a short leash and require getting below the lows from yesterday and today (and stay below).
Not a lot of trust in the pair. Lie down until the feeling goes away for now..