GBPUSD might ranging for sometimes after a long uptrend
Analysing Forex from The Market side & perspective.
A long uptrend stopped out another seller positions at 1.2463. The Market has stopped out many seller positions and bringing new buyer positions as the trend goes up. For today, not many things happened so we will try to analyse when the trend ends. looking at the price level right now at 1.2499, it looks like The Market will reach May high level at 1.2597. But It cannot move up straight due to it has to fill trading volumes in the area. this can be done by trend rallies or forms a ranging market to attract more traders to open new positions. GBPUSD might forms a ranging market to attract more buyers into the market and makes a new support area.
A long uptrend stopped out another seller positions at 1.2463. The Market has stopped out many seller positions and bringing new buyer positions as the trend goes up. For today, not many things happened so we will try to analyse when the trend ends. looking at the price level right now at 1.2499, it looks like The Market will reach May high level at 1.2597. But It cannot move up straight due to it has to fill trading volumes in the area. this can be done by trend rallies or forms a ranging market to attract more traders to open new positions. GBPUSD might forms a ranging market to attract more buyers into the market and makes a new support area.
