Quoting vegasDislikedazmi,
For what it's worth, here are some thoughts.
14 out of the last 15 trading days has seen the gbp/usd daily close within 50-70 pips. This pretty much sums up the picture for the Euro/usd too. All week there were really no surprises in the news category [for gbp]. It's Friday, and I don't think many people choose to play today except nervous longs [who got long on yesterdays breakout] that decided to cut and run after a very lethargic European morning.
Ranges have started to contract in my 20-day moving median. This happens every now and then and usually only lasts a couple weeks and then follows an explosion in the ranges.
Other than that, the only other thing going on is the action in the crosses, specifically gbp/jpy. This could get interesting in the days and weeks ahead as Japan is starting to signal an end to its super-easy monetary policy. When the large hedge funds get caught in the carry trade the wrong way it usually results in the cross getting creamed. We will see.
Finally, I'm just sitting at my screen patiently waiting for a move to the outer fibs.Ignored
I got a weekly range of 111 this week!
HJ
HeavyJ -"Posterboy for Spellchecker!"
"Will work for pips!"