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Range-bound trading continues

Range-bound trading continues | 21 November 2013

21 November 2013, GBP/USD

GBP/USD continues moving in a range-bound consolidation. It broke above the intra-range highs at 1.6110 and started to move higher but after reaching 1.61775 it sold off again and has come back down to 1.6100. The pair is so steadfastly stuck in a range that it could go in either direction within its confines, between the 1.6255 highs and the 1.5855 lows. There is a thick layer of support at 1.6050 which could slow-down any moves to the down-side; whilst a re-break above 1.6170 could signal a renewal of the up-trend, with an eventual target at 1.6255.

Range-bound trading continues

Mark Satcher
Analyst of «FreshForex» company
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