The GBPUSD continues to experience a turbulent, up-and-down price action in the market. During the Asian session, the pair declined, reaching a low of 1.24099. This brought the price below its 100-hour moving average (blue line, currently at 1.24308), but it did not reach the swing area target between 1.2388 and 1.23974. The subsequent upward movement pushed the price back above both the 100 and 200-hour moving averages (200-hour moving average at 1.24413).
Since then, despite a few brief dips below the 100-hour moving average, the choppy price action persists, and the pair is now trading above both moving average levels. The next resistance area lies between 1.2471 and 1.24763, where trading activity stalled last Wednesday. A week earlier, the price found support at that level before climbing to April's trading high of 1.25462.
It's difficult to say that the GBPUSD pair has overcome the non-trending, up-and-down volatility seen in the last week's trading. The pair exhibited a narrow trading range of about 121 pips last week, marking the lowest range since November 2021. Today's trading range is a mere 49 pips, significantly below the 89-pip average from the last month of trading.