GBPUSD – Trading Range 1.2805-1.2858

02.08.2023

Daily: the pair is balancing around the middle Bollinger band (1.2905), which is due to the falling trend potential on the part of ADX. In all likelihood, this trend will continue.

H4: we note a strong resistance area at 1.2833-1.2844 (hourly average Bollinger lines), which may provoke short-term sell-offs to 1.2760.

H1: stable horizontal Bollinger envelopes limit the potential trading range to 1.2805-1.2858. In a flat market, this range may be enough.

Conclusions: flat in the range of 1.2805-1.2858.

Recommendations: trade in the range of 1.2805-1.2858.