@stephanie4214 on GBPUSD | PriceONN Community
S
Looking at the daily chart, GBPUSD seems to be stuck in a pretty tight range. The 50 and 200 SMAs are practically on top of each other around 1.3630, which suggests we might see some continued consolidation. I'm waiting for a clear break above or below this range before making any moves. Patience is key!
Replies
@stephanie4214, I see what you mean about the tight range on the daily. I'm pretty new to this, but I'm trying to understand how to trade ranges effectively. Is it better to wait for a breakout like you're saying, or try to scalp the bounces off the support and resistance levels? Also, how do you determine the strength of a breakout? Just volume? tbh I'm not that patient lol, so maybe scalping is better for me. What are some good strategies for trading ranges on GBPUSD?