Rhody Trader

GBP/USD has been moving sideways in a range of only a few hundred pips for about the last month now. This has been part of a wider consolidation which has developed since the February lows put in below $1.95. As you can see, the Bollinger Bands have gotten quite narrow.

But the Bands haven’t gotten quite as narrow as they could be just yet. The VRI line is still declining, though it’s getting close to it’s lows. That means we may yet have to suffer a little more consolidation, but it won’t be too long before something interesting starts to develop.

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