While the EURUSD and USDJPY move, the GBPUSD waffles
After a slow start to the day, the EURUSD has pushed lower and is down about 50 pips on the day. The USDJPY is up around 50 pips on the day and 100 pips from the low. Meanwhile the GBPUSD just waffles. The pair is off the low. It is off the high and down by about 24 pips, but sits near the middle of the trading range (give or take). The range for the day is 70 pips - well off the 22-day average of 135 or so. It is just not a big day for the pair.
Looking at the hourly chart, the pair peaked yesterday between the swing highs from March 28th and March 3 at 1.4404 and 1.4425. The best I can say, is the pair is consolidating the gains seen over the last few days and traders are not in a major hurry to send the pair lower.
The pair is testing a support trend line at the 1.4367 level currently. That line connects the recent lows. A move below should see a move toward the low for the day.
