GBPUSD has been a bit crazy over the last few days. It does not seem to be knowing where it wants to go and thats the reason for this craziness. yesterday, we saw a good dip towards its strong support at 1.4526 and then it started going back up again.
What is clear is that GU is now caught in a 150 pip range between 1.4526 and 1.4680 and unless one of these price regions break, we should be seeing more ranging.
Attached is the 1H chart of GU and we can see how it moved to its support at 1.4526 which was a previous low as well and then it started going back up. Now it has broken through its resistance at 1.4648 again and it is now acting as a small support. This price was a big SR previously but with it being broken several times either way over the past few days, it has now become quite a weak SR.
On the upside, the resistances would be at 1.4680 and then at 1.4710 and then a strong resistance at 1.4770.
On the downside, the supports are at 1.4648, a small one at 1.4587 and then a strong one at 1.4526.
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