Lot of chatter on the wires this morning giving GBP a knock but I'm not convinced. PRICE poked it's head above the daily 100 SMA but is currently having a pause at the 60m 100SMA. Daily 100SMA is flat and 60m 100SMA continues to head down giving a bearish bias. Sidelined on this pair with with a Bearish tone and waiting for a break of the daily 100SMA . . . lots of Resistance above with MAs and FIBS coinciding, so just having to be patient.
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18.30GMT . . . well there we go . . . back to the 100 daily SMA. Closing for the day here but I'll look at this tomorrow first thing and update for those who are interested. There was a "scalp" to the upside that could have netted you 30 pips or so using the "layer cake" approach with the SMAs across multiple time frames but that's for another day. If anyone wants to know more about how to trade by layering, then PM me . . . it's all surprisingly simple and obvious :)
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19.50GMT - Just so you understand the 5 day range boundary correctly . . . the 5 day range today is 130 +-points. When I posted the chart, the upper and lower targets are split from the day's opening candle. As PRICE progresses through the day, the boundaries move accordingly counting 130 down from H and 130 up from L. Those original boundaries on the chart are now history of course and the Lower boundary is at .85775 +- which PRICE has just hit as I write.