The pair is currently trading 53 pips (the 22-day average is 90 pips).
GBPUSD has fallen into a narrow up and down trading range today. The range is only 53 pips. This is light compared to the 90 percent average of the last 90 trading days).
Today, the lowest fell from yesterday’s lowest (today’s lowest is 1.35904. Yesterday’s lower was 1.35711). The high stood at 1.3643 so far. And that high was somewhat random. From 1.36537 on Monday it was lower.
A level of 1.36537 would be the target for more corrective corrective prices today. If that level can be broken, we could see a higher half probing yesterday at 1.36891 with a major 200-day MA at 1.36961.
Recalling Monday (see daily chart below), for the first time since September 2020, the price fell below the 200-day moving average and remained below its moving average yesterday (reaching around four points before finding sellers).
The 200-day moving average will remain the main barometer for buyers and sellers in the long run. If the price may fall below, the bears will have more control. If the price moves above, sellers would certainly be disappointed (and likely to cover shorts) during the 200-day tournament break.
Looking at the daily map below, the low price came from 1.3571 yesterday. This was 1.35608, the lowest value in February 2021. If sellers push lower (and remain below the 200-day moving average), the lowest in February is the next higher target, followed by a low of 1.35139 in mid-January (see chart below).