May 06 2008
GBP/USD: Can You Say Consolidation?
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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.
Here are some other posts which might interest you:
- Something Interesting is on the Way for the S&P 500
- Gold Looks Like It Should be Finding Support Soon
- AUD/USD: Look for Some Action Soon
- Stocks are Telling an Interesting Story Right Now
- Following Up on S&P Open Interest
