GBP/USD Starts Week With Low Volatility

By: Doug Rosen

The GBP/USD begins its week at a 50.0 fib to the upside and at the same time price is also bouncing off the lower Bollinger band, however, the lower band is open and pointing down and price appears to riding down along the daily 5 ema.

GBP/USD Daily 11/21/11

On the 4 hour time frame price is below the ema's but price seems to be caught in a range.

GBP/USD 4 Hour 11/21/11

On the 1 hour time frame price is also in a range bound pattern and sitting just on the weekly M2 pivot which also coincides with Friday's low.

GBP/USD 1 Hour 11/21/11

Finally, on the 15 minute time frame same story, range bound price action with narrow Bollinger bands.

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.