GBP/USD Price Update: Still hovering inside a range, capped by the 1.30 level The price action in the Cable remains stuck in a rangebound across the board. It seems as if the 200 SMA at the 4H chart is setting the tone on a short-term basis. A bullish trend line was formed and projected from the lows of October, where dynamic support is found. The range, however, is still capping further gains, while also limiting losses ahead of the pair. Currently, GBP/USD is trading in the 1.2900 neighbourhood, posting fresh lows, which saw limited action in the financial markets on the US session. (source)
Do you expect a trend? What about its direction after general elections? I'm going to place some shorts with Hotforex after big news because I think upside move is too obvious and many traders will be caught because of that.
GBPUSD in consolidation mode and getting squeezed. Possible breakout brewing one way or the other. Using price as my indicator, currently neutral and if price is trading above 1.3100 will be long and if below 1.2975 I will be short.