By: Doug Rosen
The GBP/USD has been trapped in the same range for nearly 2 weeks. Yesterday price took a dive down to the bottom of the range it has been in then bounced back up. On the daily time frame price is currently wedged between the 5 ema and support.
On the 4 hour time frame price is back in the same trap it was caught in previously and in between the 5 and 13 ema's. Will the 5 ema push price up or will the 21 and 13 ema's push price down? I guess we will just have to wait and see. If price was to make its way back out of the trap it is in to the downside, I would expect this pair to keep falling. It has too much resistance to keep rising.
On the hourly time frame price made a reverse fib up and touched the 55 ema then fell a bit.
Finally on the 15 minute time frame price has been very erratic but has maintained itself below the 233 ema so I will remain mostly bearish for this pair. If price was to break above the 233 then retest I would look for longs but so far it seems to be still in a downtrend so I will look for shorts.
