FX.co ★ GBP/USD

Range trading on the GBP/USD chart continues. For most of the trading week the price has been moving within the narrow range of 1.3445–1.3485. The market is probably waiting for the release of important US labor market data. The publication will take place at the start of the US session today. Against this backdrop, I expect a significant increase in volatility. The price is currently in a contracting triangle. The upper boundary is around 1.3510, the lower boundary is around 1.3335. If the price breaks down, I don’t plan to rush into buying. For now I’m staying on the sidelines and waiting for the start of the US session, and then I’ll act based on the reaction.