By: Doug Rosen
The GBP/USD begins its week at a 50.0 fib to the upside and at the same time price is also bouncing off the lower Bollinger band, however, the lower band is open and pointing down and price appears to riding down along the daily 5 ema.
On the 4 hour time frame price is below the ema's but price seems to be caught in a range.
On the 1 hour time frame price is also in a range bound pattern and sitting just on the weekly M2 pivot which also coincides with Friday's low.
Finally, on the 15 minute time frame same story, range bound price action with narrow Bollinger bands.