forex scalping the gbpusd 21 8 2015
Low range. Little changed
While the EURUSD moved higher. The USDJPY and USDCHF tumbled lower with high to low trading ranges that well exceeded the averages over the last 22 trading days, the GBPUSD traded in a 65 pips trading range (the average is 104 pips, and is just 9 pips higher from the close.
The bullish is the pair has been able to stay above the 100 hour MA (blue line in the chart above). The bearish slant is the lack of momentum when the rest of the market was selling dollars quite freely. Also, the highs today at 1.5722 took out the August 18 high of 1.5716 by only a few pips. Where are the buyers.
Despite that lack of momentum, the sellers are not exactly lighting the world on fire. As a result, I will defer to the bulls as those in control. Traders will keep that wary eye on failures above – just like they did today – but until the seller are able to push below the 100 hour MA and 200 hour MA (green line in the chart above), the selling is just corrective.
We managed to take a scalp in the American session but this didn’t develop in intraday trade