Being pushed around by the EURGBP
The GBPUSD price action has had its share of up and down volatility. Honestly, it hasn’t done what I expected as a result, it was put on the back burner. Perhaps it was the EURGBP influences. When the EURGBP becomes the tail that wags the dog (instead of the other way around), it can lead to random swings in the GBPUSD.
Some surprises for me….
1. I firmly expected that the 1.37415 to 1.3758 area would hold support (yellow area in the chart above). It didn’t.
2. Once the 1.37415 level was broken, I expected sellers to lean against the 1.3758 level. That did not happen.
At that point, I am done with the GBPUSD. It is time to lie down until the feeling goes away.
The subsequent move back to the upside move up 1.37936 and has now moved back below the lower swatch of support (yellow) area that I thought would hold earlier. Well now it has not held for the 2nd time.
If I were to be true to the tools, bias, the sellers are in control below 1.37582. However, I am more in the mood to lie down until the feeling goes away instead. The price action is just not giving me any joy or confidence today.