@stephanie8290 on GBPUSD | PriceONN Community
Watching GBPUSD here in the Sydney session, and the volume is just non-existent. It's barely ticking over. This low volume isn't confirming that slight bearish move we saw earlier. If anything, it just looks like market makers are waiting for better liquidity. No conviction behind this price action at all. Definitely a low-conviction environment.
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Also, thinking more about that low volume I mentioned earlier in comment #1. It's not just that it's low, but it's also not showing any signs of picking up as we move towards the London open. This is a classic case of waiting for confirmation. If we don't see a significant spike in volume breaking through resistance or support levels soon, I'd expect this choppy, sideways action to continue for a while longer. It makes scalping extremely difficult and risky right now. You'd need very tight stops and small position sizes if you were trying to catch any of these tiny moves.