By: Doug Rosen
The GBP/USD begins its week just below the 5 ema on the weekly time frame.
On the daily time frame price is up against the 13 ema with the 21 ema closing in. Price last week pierced the 21 ema a few times and touched the 50.0 fib level right down to the pip but never closed outside the 21 ema.
On the 4 hour time frame price has been making lower highs but higher lows which is an indication of consolidation. Price continues to pierce the 4 hour ema's yet keeps getting rejected.
On the hourly time frame the upper Bollinger band is closed and pointing straight down and the ema's are braided together indicating very low volatility. Price has reached the 61.8 fib of Friday's range and was rejected and is not heading down but like all the pairs I expect minimal volatility and very low movement.
